EXK vs SPY: Correlation
Endeavour Silver Corporation (EXK) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXK and SPY?
Across a 3-year window, the weekly returns of EXK and SPY correlate at 0.38, moderate. The past 12 months show a tighter link (0.49) than the 3-year average (0.38). Stretching to 5 years gives 0.32, with an annualized covariance of 404.0 %².
SPY is close to the least connected end of EXK's tracked universe, ranking #12 of 16. Correlation aside, the last 12 months split them widely, with EXK ahead by 69.6 points (+90.2% versus +20.6%). One caveat on sizing: EXK is 5.1 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.
EXK vs SPY: side by side
| EXK (Endeavour Silver Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +90.2% | +20.6% |
| 5-year return | +146.7% | +82.4% |
| Volatility (ann.) | 74.1% | 14.5% |
| Beta vs S&P 500 | 1.93 | 1.00 |
| Max drawdown (3Y) | -51.3% | -18.8% |
| Market cap | $3.3B | – |
| P/E (trailing) | 53.8 | – |
| 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 | EXK | SPY |
|---|---|---|
| 2022 | -23.2% | -18.2% |
| 2023 | -39.2% | +26.2% |
| 2024 | +85.8% | +24.9% |
| 2025 | +156.8% | +17.7% |
| 2026 | +20.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXK and SPY good diversifiers for each other?
Reasonably. At 0.38, EXK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EXK and SPY?
The EXK/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.49, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EXK?
Reasonably. At 0.38, EXK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio 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: EXK correlations · SPY correlations
