AAL vs SPY: Correlation
Measured on weekly returns over the past three years, American Airlines Group, Inc. (AAL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and SPY?
Over the past 3 years, AAL and SPY moved with a correlation of 0.41, which is moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 269.4 %².
Within AAL's tracked universe of 22 assets, SPY comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.1 percentage points (+4.5% for AAL against +20.6% for SPY). One caveat on sizing: AAL is 3.1 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.
AAL vs SPY: side by side
| AAL (American Airlines Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.5% | +20.6% |
| 5-year return | -29.7% | +82.4% |
| Volatility (ann.) | 45.3% | 14.5% |
| Beta vs S&P 500 | 1.29 | 1.00 |
| Max drawdown (3Y) | -51.4% | -18.8% |
| Market cap | $9.1B | – |
| P/E (trailing) | – | – |
| 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 | AAL | SPY |
|---|---|---|
| 2022 | -29.2% | -18.2% |
| 2023 | +8.0% | +26.2% |
| 2024 | +26.9% | +24.9% |
| 2025 | -12.0% | +17.7% |
| 2026 | -10.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AAL and SPY?
The AAL/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.45, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AAL?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: AAL correlations · SPY correlations
