AD vs SPY: Correlation
How closely do Array Digital Infrastructure, Inc. (AD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AD and SPY?
On 3 years of weekly data the AD/SPY correlation comes out at 0.24, weak. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. The 5-year figure is 0.13, and annualized covariance runs at 143.0 %².
Out of 13 assets tracked against AD, SPY lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 20.9 percentage points (-0.3% for AD against +20.6% for SPY). Note the risk asymmetry: AD runs 2.9 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.
AD vs SPY: side by side
| AD (Array Digital Infrastructure, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.3% | +20.6% |
| 5-year return | +142.7% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -32.0% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 30.85% | 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 | AD | SPY |
|---|---|---|
| 2022 | -33.9% | -18.2% |
| 2023 | +99.2% | +26.2% |
| 2024 | +51.0% | +24.9% |
| 2025 | +22.6% | +17.7% |
| 2026 | +1.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AD and SPY good diversifiers for each other?
Reasonably. At 0.24, AD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AD and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.30 over the last year and 0.13 over 5 years.
Is SPY a good diversifier for AD?
Reasonably. At 0.24, AD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 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: AD correlations · SPY correlations
