AAOI vs SPY: Correlation
Applied Optoelectronics, Inc. (AAOI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAOI and SPY?
On 3 years of weekly data the AAOI/SPY correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.39). The 5-year figure is 0.31, and annualized covariance runs at 678.1 %².
Within AAOI's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AAOI ahead by 350.4 points (+371.0% versus +20.6%). Note the risk asymmetry: AAOI runs 8.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AAOI vs SPY: side by side
| AAOI (Applied Optoelectronics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +371.0% | +20.6% |
| 5-year return | +1456.0% | +82.4% |
| Volatility (ann.) | 119.6% | 14.5% |
| Beta vs S&P 500 | 3.25 | 1.00 |
| Max drawdown (3Y) | -77.2% | -18.8% |
| Market cap | $9.6B | – |
| 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 | AAOI | SPY |
|---|---|---|
| 2022 | -63.2% | -18.2% |
| 2023 | +922.2% | +26.2% |
| 2024 | +90.8% | +24.9% |
| 2025 | -5.4% | +17.7% |
| 2026 | +225.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAOI and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AAOI and SPY?
As of 2026-08-27, the correlation of weekly returns between AAOI and SPY is 0.39 over 3 years, 0.29 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for AAOI?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: AAOI correlations · SPY correlations
