AAT vs SPY: Correlation
Measured on weekly returns over the past three years, American Assets Trust, Inc. (AAT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAT and SPY?
Across a 3-year window, the weekly returns of AAT and SPY correlate at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.40 over 3 years. Stretching to 5 years gives 0.47, with an annualized covariance of 153.7 %².
By 3-year correlation, SPY places #19 of the 24 assets tracked against AAT. Their 12-month results are close: +16.2% for AAT against +20.6% for SPY. Note the risk asymmetry: AAT runs 1.8 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.
AAT vs SPY: side by side
| AAT (American Assets Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.2% | +20.6% |
| 5-year return | -24.9% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -38.0% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 75.0 | – |
| Dividend yield | 5.98% | 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 | AAT | SPY |
|---|---|---|
| 2022 | -26.4% | -18.2% |
| 2023 | -9.6% | +26.2% |
| 2024 | +23.3% | +24.9% |
| 2025 | -23.0% | +17.7% |
| 2026 | +22.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAT and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AAT and SPY?
The AAT/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.30, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AAT?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AAT correlations · SPY correlations
