ESTC vs SPY: Correlation
How closely do Elastic N.V. (ESTC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and SPY?
Across a 3-year window, the weekly returns of ESTC and SPY correlate at 0.38, moderate. Recent behaviour matches the longer record: 0.37 over 1 year against 0.38 over 3. Stretching to 5 years gives 0.50, with an annualized covariance of 300.9 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against ESTC. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 20.1 percentage points (+0.5% for ESTC against +20.6% for SPY). Risk is not evenly split, since ESTC carries 3.8 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.
ESTC vs SPY: side by side
| ESTC (Elastic N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.5% | +20.6% |
| 5-year return | -47.3% | +82.4% |
| Volatility (ann.) | 55.1% | 14.5% |
| Beta vs S&P 500 | 1.44 | 1.00 |
| Max drawdown (3Y) | -67.6% | -18.8% |
| Market cap | $8.7B | – |
| P/E (trailing) | 23.1 | – |
| 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 | ESTC | SPY |
|---|---|---|
| 2022 | -58.2% | -18.2% |
| 2023 | +118.8% | +26.2% |
| 2024 | -12.1% | +24.9% |
| 2025 | -23.9% | +17.7% |
| 2026 | +11.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ESTC and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.37 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for ESTC?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ESTC correlations · SPY correlations
