E vs. SPY

Last updated Jun 24, 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 11.45%/yr vs 15.53%/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 31.38% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, E has underperformed SPY with an annualized return of 11.45%, while SPY has yielded a comparatively higher 15.53% annualized return.

E

• 1D: -1.38%
• 1M: -10.42%
• YTD: 31.38%
• 6M: 31.79%
• 1Y: 59.48%
• 3Y*: 28.41%
• 5Y*: 22.02%
• 10Y*: 11.45%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

*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.	31.38%	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	8.15%	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 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.39
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 0.03 - 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: 93
E Sortino Ratio Rank: 90
E Omega Ratio Rank: 90
E Calmar Ratio Rank: 89
E Martin Ratio Rank: 95

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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	2.57	1.90	+0.67
Sortino ratio: Return per unit of downside risk	3.14	2.58	+0.56
Omega ratio: Gain probability vs. loss probability	1.42	1.34	+0.08
Calmar ratio: Return relative to maximum drawdown	4.13	2.67	+1.46
Martin ratio: Return relative to average drawdown	17.38	11.92	+5.46

E vs. SPY - Sharpe Ratio Comparison

The current E Sharpe Ratio is 2.57, which is higher than the SPY Sharpe Ratio of 1.90. 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	-14.47%	-8.88%	-5.59%
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	-14.47%	-3.17%	-11.30%
Average Drawdown Average peak-to-trough decline	-23.06%	-9.04%	-14.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	1.98%	+1.45%

Volatility

E vs. SPY - Volatility Comparison

Eni S.p.A. (E) has a higher volatility of 6.95% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. 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	6.95%	4.87%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	20.13%	9.85%	+10.28%
Volatility (1Y) Calculated over the trailing 1-year period	23.33%	12.50%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.04%	17.15%	+7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.08%	17.95%	+10.13%

Dividends

E vs. SPY - Dividend Comparison

E's dividend yield for the trailing twelve months is around 4.94%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
E Eni S.p.A.	4.94%	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	1.03%	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 0.03, 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 (6.95%) compared to SPY (4.87%). 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 (2.57 vs 1.90), 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.