EVLV vs SPY: Correlation
Measured on weekly returns over the past three years, Evolv Technologies Holdings, Inc. (EVLV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVLV and SPY?
Across a 3-year window, the weekly returns of EVLV and SPY correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.38 over 3 years. Stretching to 5 years gives 0.33, with an annualized covariance of 428.1 %².
Out of 12 assets tracked against EVLV, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 57.1 points (-36.5% versus +20.6%). Note the risk asymmetry: EVLV runs 5.4 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.
EVLV vs SPY: side by side
| EVLV (Evolv Technologies Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.5% | +20.6% |
| 5-year return | -34.1% | +82.4% |
| Volatility (ann.) | 78.6% | 14.5% |
| Beta vs S&P 500 | 2.05 | 1.00 |
| Max drawdown (3Y) | -69.2% | -18.8% |
| Market cap | $1.0B | – |
| 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 | EVLV | SPY |
|---|---|---|
| 2022 | -41.9% | -18.2% |
| 2023 | +82.2% | +26.2% |
| 2024 | -16.3% | +24.9% |
| 2025 | +81.3% | +17.7% |
| 2026 | -25.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVLV 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 EVLV and SPY?
As of 2026-08-27, the correlation of weekly returns between EVLV and SPY is 0.38 over 3 years, 0.26 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for EVLV?
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: EVLV correlations · SPY correlations
