EVEX vs SPY: Correlation
Eve Holding, Inc. (EVEX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVEX and SPY?
On 3 years of weekly data the EVEX/SPY correlation comes out at 0.41, moderate. The past 12 months show a tighter link (0.58) than the 3-year average (0.41). The 5-year figure is 0.28, and annualized covariance runs at 361.9 %².
By 3-year correlation, SPY places #8 of the 15 assets tracked against EVEX. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 61.4 percentage points (-40.8% for EVEX against +20.6% for SPY). Note the risk asymmetry: EVEX runs 4.2 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.
EVEX vs SPY: side by side
| EVEX (Eve Holding, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.8% | +20.6% |
| 5-year return | -72.4% | +82.4% |
| Volatility (ann.) | 60.7% | 14.5% |
| Beta vs S&P 500 | 1.73 | 1.00 |
| Max drawdown (3Y) | -75.8% | -18.8% |
| Market cap | $0.8B | – |
| 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 | EVEX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +1.7% | +26.2% |
| 2024 | -25.7% | +24.9% |
| 2025 | -26.7% | +17.7% |
| 2026 | -40.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVEX and SPY good diversifiers for each other?
Reasonably. At 0.41, EVEX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EVEX and SPY?
As of 2026-08-27, the correlation of weekly returns between EVEX and SPY is 0.41 over 3 years, 0.58 over 1 year and 0.28 over 5 years.
Is SPY a good diversifier for EVEX?
Reasonably. At 0.41, EVEX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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: EVEX correlations · SPY correlations
