EU vs SPY: Correlation
How closely do enCore Energy Corp. (EU) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EU and SPY?
On 3 years of weekly data the EU/SPY correlation comes out at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 413.5 %².
Among the 12 assets we track against EU, SPY sits near the bottom by co-movement, at rank #8. The last year tells two different stories: SPY led by 59.6 percentage points, -39.0% for EU against +20.6% for SPY. One caveat on sizing: EU is 4.6 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.
EU vs SPY: side by side
| EU (enCore Energy Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.0% | +20.6% |
| 5-year return | -60.1% | +82.4% |
| Volatility (ann.) | 67.3% | 14.5% |
| Beta vs S&P 500 | 1.98 | 1.00 |
| Max drawdown (3Y) | -78.7% | -18.8% |
| Market cap | $0.3B | – |
| 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 | EU | SPY |
|---|---|---|
| 2022 | -39.0% | -18.2% |
| 2023 | +66.5% | +26.2% |
| 2024 | -13.2% | +24.9% |
| 2025 | -27.3% | +17.7% |
| 2026 | -44.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EU and SPY good diversifiers for each other?
Reasonably. At 0.42, EU and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EU and SPY?
As of 2026-08-27, the correlation of weekly returns between EU and SPY is 0.42 over 3 years, 0.41 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for EU?
Reasonably. At 0.42, EU and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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: EU correlations · SPY correlations
