AEIS vs SPY: Correlation
Advanced Energy Industries, Inc. (AEIS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEIS and SPY?
Across a 3-year window, the weekly returns of AEIS and SPY correlate at 0.56, moderate. The past 12 months show a weaker link (0.27) than the 3-year average (0.56). Stretching to 5 years gives 0.58, with an annualized covariance of 352.4 %².
Among the 32 assets we track against AEIS, SPY ranks #17 by 3-year correlation. The last year tells two different stories: AEIS led by 66.4 percentage points, +87.0% for AEIS against +20.6% for SPY. Note the risk asymmetry: AEIS runs 3.0 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.
AEIS vs SPY: side by side
| AEIS (Advanced Energy Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +87.0% | +20.6% |
| 5-year return | +222.9% | +82.4% |
| Volatility (ann.) | 43.9% | 14.5% |
| Beta vs S&P 500 | 1.69 | 1.00 |
| Max drawdown (3Y) | -39.9% | -18.8% |
| Market cap | $11.5B | – |
| P/E (trailing) | 52.4 | – |
| Dividend yield | 0.14% | 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 | AEIS | SPY |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | +27.5% | +26.2% |
| 2024 | +6.6% | +24.9% |
| 2025 | +81.6% | +17.7% |
| 2026 | +37.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEIS and SPY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEIS and SPY?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.27 over the last year and 0.58 over 5 years.
Is SPY a good diversifier for AEIS?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aeis-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aeis-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEIS correlations · SPY correlations
