EVGO vs SPY: Correlation
EVgo Inc. (EVGO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVGO and SPY?
On 3 years of weekly data the EVGO/SPY correlation comes out at 0.33, moderate. The link has tightened recently: the 1-year correlation (0.64) runs above the 3-year figure (0.33). The 5-year figure is 0.31, and annualized covariance runs at 403.2 %².
Within EVGO's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 85.0 percentage points (-64.4% for EVGO against +20.6% for SPY). Note the risk asymmetry: EVGO runs 5.9 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.
EVGO vs SPY: side by side
| EVGO (EVgo Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -64.4% | +20.6% |
| 5-year return | -84.3% | +82.4% |
| Volatility (ann.) | 85.3% | 14.5% |
| Beta vs S&P 500 | 1.93 | 1.00 |
| Max drawdown (3Y) | -84.1% | -18.8% |
| Market cap | $0.5B | – |
| 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 | EVGO | SPY |
|---|---|---|
| 2022 | -55.0% | -18.2% |
| 2023 | -19.9% | +26.2% |
| 2024 | +13.1% | +24.9% |
| 2025 | -28.1% | +17.7% |
| 2026 | -50.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVGO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EVGO and SPY?
The EVGO/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.64, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EVGO?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: EVGO correlations · SPY correlations
