EXP vs SPY: Correlation
Eagle Materials Inc (EXP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXP and SPY?
Across a 3-year window, the weekly returns of EXP and SPY correlate at 0.50, moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.50). Stretching to 5 years gives 0.56, with an annualized covariance of 251.9 %².
SPY is close to the least connected end of EXP's tracked universe, ranking #20 of 24. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.3 points (-15.7% versus +20.6%). One caveat on sizing: EXP is 2.4 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.
EXP vs SPY: side by side
| EXP (Eagle Materials Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.7% | +20.6% |
| 5-year return | +29.5% | +82.4% |
| Volatility (ann.) | 34.8% | 14.5% |
| Beta vs S&P 500 | 1.21 | 1.00 |
| Max drawdown (3Y) | -44.7% | -18.8% |
| Market cap | $6.1B | – |
| P/E (trailing) | 15.6 | – |
| Dividend yield | 0.50% | 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 | EXP | SPY |
|---|---|---|
| 2022 | -19.6% | -18.2% |
| 2023 | +53.6% | +26.2% |
| 2024 | +22.1% | +24.9% |
| 2025 | -15.9% | +17.7% |
| 2026 | -4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXP and SPY good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EXP and SPY?
The EXP/SPY correlation stands at 0.50 on a 3-year window (1 year: 0.26, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EXP?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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: EXP correlations · SPY correlations
