AER vs SPY: Correlation
How closely do AerCap Holdings N.V. (AER) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AER and SPY?
Across a 3-year window, the weekly returns of AER and SPY correlate at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.33) runs below the 3-year figure (0.52). Stretching to 5 years gives 0.53, with an annualized covariance of 166.0 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against AER. Twelve-month performance is nearly a tie, at +21.4% for AER and +20.6% for SPY. Note the risk asymmetry: AER runs 1.5 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.
AER vs SPY: side by side
| AER (AerCap Holdings N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.4% | +20.6% |
| 5-year return | +178.9% | +82.4% |
| Volatility (ann.) | 22.0% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -15.7% | -18.8% |
| Market cap | $23.3B | – |
| P/E (trailing) | 7.4 | – |
| Dividend yield | 0.98% | 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 | AER | SPY |
|---|---|---|
| 2022 | -10.9% | -18.2% |
| 2023 | +27.4% | +26.2% |
| 2024 | +29.8% | +24.9% |
| 2025 | +51.4% | +17.7% |
| 2026 | +3.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AER and SPY good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AER and SPY?
As of 2026-08-27, the correlation of weekly returns between AER and SPY is 0.52 over 3 years, 0.33 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for AER?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
A reading of 0.52 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: AER correlations · SPY correlations
