ESTA vs SPY: Correlation
Establishment Labs Holdings Inc. (ESTA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and SPY?
Over the past 3 years, ESTA and SPY moved with a correlation of 0.21, which is weak. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.21). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 213.2 %².
Among the 12 assets we track against ESTA, SPY sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with ESTA ahead by 48.6 points (+69.2% versus +20.6%). One caveat on sizing: ESTA is 4.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ESTA vs SPY: side by side
| ESTA (Establishment Labs Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +69.2% | +20.6% |
| 5-year return | -0.0% | +82.4% |
| Volatility (ann.) | 70.5% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -64.1% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | ESTA | SPY |
|---|---|---|
| 2022 | -2.9% | -18.2% |
| 2023 | -60.6% | +26.2% |
| 2024 | +77.9% | +24.9% |
| 2025 | +58.2% | +17.7% |
| 2026 | -1.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ESTA and SPY?
The ESTA/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.10, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ESTA?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 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: ESTA correlations · SPY correlations
