AAON vs SPY: Correlation
Measured on weekly returns over the past three years, AAON, Inc. (AAON) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAON and SPY?
Over the past 3 years, AAON and SPY moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.42 over 3. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 329.9 %².
Among the 11 assets we track against AAON, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 28.0 percentage points, -7.4% for AAON against +20.6% for SPY. Risk is not evenly split, since AAON carries 3.8 times the volatility of the other side.
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.
AAON vs SPY: side by side
| AAON (AAON, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.4% | +20.6% |
| 5-year return | +73.5% | +82.4% |
| Volatility (ann.) | 54.9% | 14.5% |
| Beta vs S&P 500 | 1.58 | 1.00 |
| Max drawdown (3Y) | -48.9% | -18.8% |
| Market cap | $6.4B | – |
| P/E (trailing) | 42.0 | – |
| 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 | AAON | SPY |
|---|---|---|
| 2022 | -4.6% | -18.2% |
| 2023 | +47.9% | +26.2% |
| 2024 | +59.9% | +24.9% |
| 2025 | -34.9% | +17.7% |
| 2026 | +2.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAON and SPY good diversifiers for each other?
Reasonably. At 0.42, AAON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AAON and SPY?
The AAON/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.32, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AAON?
Reasonably. At 0.42, AAON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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: AAON correlations · SPY correlations
