E vs. SPY

Last updated Jul 14, 2026

E (Eni S.p.A.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, E returned 10.57%/yr vs 15.08%/yr for SPY. At a 0.46 correlation, their price movements are largely independent.

Performance

E vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eni S.p.A. (E) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, E achieves a 33.32% return, which is significantly higher than SPY's 10.45% return. Over the past 10 years, E has underperformed SPY with an annualized return of 10.57%, while SPY has yielded a comparatively higher 15.08% annualized return.

E

• 1D: 3.60%
• 1M: -7.59%
• 6M: 34.27%
• YTD: 33.32%
• 1Y: 56.18%
• 3Y*: 25.96%
• 5Y*: 24.02%
• 10Y*: 10.57%

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

E vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
E Eni S.p.A.	33.32%	48.40%	-13.95%	26.73%	10.92%	43.12%	-28.73%	4.29%	-0.98%	7.27%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between E and SPY is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Nov 28, 1995	0.46

Over the past year, the correlation between E and SPY has dropped to 0.02 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

E vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

E

E Risk / Return Rank: 91
E Sharpe Ratio Rank: 94
E Sortino Ratio Rank: 91
E Omega Ratio Rank: 91
E Calmar Ratio Rank: 86
E Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

E vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eni S.p.A. (E) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	E	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.71	+0.63
Sortino ratio: Return per unit of downside risk	2.92	2.37	+0.55
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.07
Calmar ratio: Return relative to maximum drawdown	2.82	2.43	+0.40
Martin ratio: Return relative to average drawdown	10.83	10.57	+0.26

E vs. SPY - Sharpe Ratio Comparison

The current E Sharpe Ratio is 2.35, which is higher than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of E and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

E vs. SPY - Drawdown Comparison

The maximum E drawdown since its inception was -70.53%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for E and SPY.

Drawdown Indicators

	E	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-70.53%	-55.19%	-15.34%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-8.88%	-11.12%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-18.76%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-33.71%	-24.50%	-9.21%
Max Drawdown (10Y) Largest decline over 10 years	-61.59%	-33.72%	-27.87%
Current Drawdown Current decline from peak	-13.21%	-1.12%	-12.09%
Average Drawdown Average peak-to-trough decline	-23.05%	-9.02%	-14.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	2.03%	+3.17%

Volatility

E vs. SPY - Volatility Comparison

Eni S.p.A. (E) has a higher volatility of 9.10% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that E's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	E	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.10%	4.26%	+4.84%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	10.01%	+10.50%
Volatility (1Y) Calculated over the trailing 1-year period	24.09%	12.60%	+11.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.15%	17.17%	+7.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.04%	17.93%	+10.11%

Dividends

E vs. SPY - Dividend Comparison

E's dividend yield for the trailing twelve months is around 4.87%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
E Eni S.p.A.	4.87%	5.88%	7.69%	5.74%	6.38%	5.79%	5.91%	6.11%	5.15%	3.96%	3.98%	5.14%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both E and SPY in my portfolio?

E and SPY have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, E or SPY?

E has higher volatility (9.10%) compared to SPY (4.26%). In terms of maximum drawdown, E dropped -70.53% vs SPY's -55.19%.

Which has better risk-adjusted returns?

E currently has the higher Sharpe Ratio (2.35 vs 1.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.