ETN vs SPY: Correlation
How closely do Eaton Corporation (ETN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and SPY?
On 3 years of weekly data the ETN/SPY correlation comes out at 0.64, strong. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.64 over 3 years. The 5-year figure is 0.63, and annualized covariance runs at 278.8 %².
By 3-year correlation, SPY places #16 of the 44 assets tracked against ETN. Their 12-month results are close: +19.7% for ETN against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.32 to 0.78. Note the risk asymmetry: ETN runs 2.1 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.
ETN vs SPY: side by side
| ETN (Eaton Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.7% | +20.6% |
| 5-year return | +164.1% | +82.4% |
| Volatility (ann.) | 30.2% | 14.5% |
| Beta vs S&P 500 | 1.33 | 1.00 |
| Max drawdown (3Y) | -34.5% | -18.8% |
| Market cap | $161.6B | – |
| P/E (trailing) | 42.4 | – |
| Dividend yield | 1.02% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | ETN | SPY |
|---|---|---|
| 2022 | -7.2% | -18.2% |
| 2023 | +56.2% | +26.2% |
| 2024 | +39.5% | +24.9% |
| 2025 | -2.8% | +17.7% |
| 2026 | +31.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ETN represents 0.25% of SPY's portfolio, so part of any move in SPY is ETN itself, and the correlation between them is partly mechanical.
Are ETN and SPY good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ETN and SPY?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.42 over the last year and 0.63 over 5 years.
Is SPY a good diversifier for ETN?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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: ETN correlations · SPY correlations
