AEE vs SPY: Correlation
Measured on weekly returns over the past three years, Ameren (AEE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEE and SPY?
Over the past 3 years, AEE and SPY moved with a correlation of 0.08, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.16) runs below the 3-year figure (0.08). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 21.8 %².
Among the 35 assets we track against AEE, SPY ranks #24 by 3-year correlation. The trailing year gives SPY the advantage: +8.8% versus +20.6%, a 11.8-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.20 and 0.48 over the past three years, so this pair behaves very differently depending on the market environment.
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.
AEE vs SPY: side by side
| AEE (Ameren) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.8% | +20.6% |
| 5-year return | +39.7% | +82.4% |
| Volatility (ann.) | 17.8% | 14.5% |
| Beta vs S&P 500 | 0.10 | 1.00 |
| Max drawdown (3Y) | -16.5% | -18.8% |
| Market cap | $29.6B | – |
| P/E (trailing) | 19.0 | – |
| Dividend yield | 2.71% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | AEE | SPY |
|---|---|---|
| 2022 | +2.5% | -18.2% |
| 2023 | -16.1% | +26.2% |
| 2024 | +27.5% | +24.9% |
| 2025 | +15.3% | +17.7% |
| 2026 | +8.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEE and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AEE and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with -0.16 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for AEE?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
A reading of 0.08 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: AEE correlations · SPY correlations
