ESP vs SPY: Correlation
Measured on weekly returns over the past three years, Espey Mfg. & Electronics Corp. (ESP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESP and SPY?
On 3 years of weekly data the ESP/SPY correlation comes out at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.33 over 3 years. The 5-year figure is 0.26, and annualized covariance runs at 202.4 %².
Out of 10 assets tracked against ESP, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with ESP ahead by 19.1 points (+39.7% versus +20.6%). Risk is not evenly split, since ESP carries 2.9 times the volatility of the other side.
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 SPY: side by side
| ESP (Espey Mfg. & Electronics Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.7% | +20.6% |
| 5-year return | +393.3% | +82.4% |
| Volatility (ann.) | 42.3% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 2.78% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ESP | SPY |
|---|---|---|
| 2022 | -0.1% | -18.2% |
| 2023 | +35.5% | +26.2% |
| 2024 | +66.8% | +24.9% |
| 2025 | +63.3% | +17.7% |
| 2026 | +35.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESP and SPY good diversifiers for each other?
Reasonably. At 0.33, ESP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ESP and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.21 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for ESP?
Reasonably. At 0.33, ESP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ESP correlations · SPY correlations
