ESP vs SPXX: Correlation
Espey Mfg. & Electronics Corp. (ESP) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESP and SPXX?
Over the past 3 years, ESP and SPXX moved with a correlation of 0.37, which is moderate. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 225.9 %².
Among the 10 assets we track against ESP, SPXX ranks #5 by 3-year correlation. The last year tells two different stories: ESP led by 24.8 percentage points, +39.7% for ESP against +14.9% for SPXX. Note the risk asymmetry: ESP runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ESP vs SPXX: side by side
| ESP (Espey Mfg. & Electronics Corp.) | SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | |
|---|---|---|
| 1-year return | +39.7% | +14.9% |
| 5-year return | +393.3% | +52.8% |
| Volatility (ann.) | 42.3% | 14.3% |
| Beta vs S&P 500 | 0.97 | 0.87 |
| Max drawdown (3Y) | -29.1% | -17.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | 16.6 | 8.6 |
| Dividend yield | 2.78% | 7.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESP | SPXX |
|---|---|---|
| 2022 | -0.1% | -6.9% |
| 2023 | +35.5% | +0.9% |
| 2024 | +66.8% | +27.1% |
| 2025 | +63.3% | +9.8% |
| 2026 | +35.5% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESP and SPXX good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ESP and SPXX?
The ESP/SPXX correlation stands at 0.37 on a 3-year window (1 year: 0.28, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPXX a good diversifier for ESP?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/esp-vs-spxx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/esp-vs-spxx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESP correlations · SPXX correlations
