ESQ vs SPY: Correlation
Esquire Financial Holdings, Inc. (ESQ) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESQ and SPY?
Across a 3-year window, the weekly returns of ESQ and SPY correlate at 0.29, weak. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.29). Stretching to 5 years gives 0.29, with an annualized covariance of 124.6 %².
Among the 10 assets we track against ESQ, SPY sits near the bottom by co-movement, at rank #6. On 12-month performance SPY holds a 6.1-point edge, +14.5% against +20.6%. Risk is not evenly split, since ESQ carries 2.0 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.
ESQ vs SPY: side by side
| ESQ (Esquire Financial Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.5% | +20.6% |
| 5-year return | +359.7% | +82.4% |
| Volatility (ann.) | 29.3% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -20.7% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 18.6 | – |
| Dividend yield | 0.67% | 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 | ESQ | SPY |
|---|---|---|
| 2022 | +38.3% | -18.2% |
| 2023 | +16.7% | +26.2% |
| 2024 | +60.9% | +24.9% |
| 2025 | +29.4% | +17.7% |
| 2026 | +12.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESQ and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ESQ and SPY?
As of 2026-08-27, the correlation of weekly returns between ESQ and SPY is 0.29 over 3 years, 0.14 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for ESQ?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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.
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Related comparisons
Hubs: ESQ correlations · SPY correlations
