EW vs SPY: Correlation
Measured on weekly returns over the past three years, Edwards Lifesciences (EW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and SPY?
Over the past 3 years, EW and SPY moved with a correlation of 0.37, which is moderate. Recent behaviour matches the longer record: 0.29 over 1 year against 0.37 over 3. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 168.3 %².
Within EW's tracked universe of 30 assets, SPY comes in at #17 by 3-year correlation. The trailing year gives SPY the advantage: +11.2% versus +20.6%, a 9.4-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.19 and 0.70 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since EW carries 2.2 times the volatility of the other side.
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.
EW vs SPY: side by side
| EW (Edwards Lifesciences) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.2% | +20.6% |
| 5-year return | -23.8% | +82.4% |
| Volatility (ann.) | 31.6% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -37.5% | -18.8% |
| Market cap | $51.8B | – |
| P/E (trailing) | 54.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | EW | SPY |
|---|---|---|
| 2022 | -42.4% | -18.2% |
| 2023 | +2.2% | +26.2% |
| 2024 | -2.9% | +24.9% |
| 2025 | +15.2% | +17.7% |
| 2026 | +5.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
EW represents 0.08% of SPY's portfolio, so part of any move in SPY is EW itself, and the correlation between them is partly mechanical.
Are EW and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EW and SPY?
The EW/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.29, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EW?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: EW correlations · SPY correlations
