AENT vs SPY: Correlation
How closely do Alliance Entertainment Holding Corporation (AENT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AENT and SPY?
Over the past 3 years, AENT and SPY moved with a correlation of 0.18, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.04 versus 0.18 over 3 years. Over 5 years the correlation is 0.10, and the annualized covariance of weekly returns is 252.1 %².
Out of 12 assets tracked against AENT, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.6 points (+4.0% versus +20.6%). Note the risk asymmetry: AENT runs 6.5 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.
AENT vs SPY: side by side
| AENT (Alliance Entertainment Holding Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.0% | +20.6% |
| 5-year return | -43.4% | +82.4% |
| Volatility (ann.) | 94.6% | 14.5% |
| Beta vs S&P 500 | 1.21 | 1.00 |
| Max drawdown (3Y) | -78.2% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 0.00% | 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 | AENT | SPY |
|---|---|---|
| 2022 | +4.0% | -18.2% |
| 2023 | -90.9% | +26.2% |
| 2024 | +876.3% | +24.9% |
| 2025 | -10.8% | +17.7% |
| 2026 | -32.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AENT and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between AENT and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with -0.04 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for AENT?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
A reading of 0.18 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: AENT correlations · SPY correlations
