AES vs SPY: Correlation
Measured on weekly returns over the past three years, AES Corporation (AES) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and SPY?
Across a 3-year window, the weekly returns of AES and SPY correlate at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.31 over 3 years. Stretching to 5 years gives 0.43, with an annualized covariance of 179.0 %².
Within AES's tracked universe of 31 assets, SPY comes in at #20 by 3-year correlation. Their 12-month results are close: +15.9% for AES against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.20 to 0.65. Risk is not evenly split, since AES carries 2.8 times the volatility of the other side.
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.
AES vs SPY: side by side
| AES (AES Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.9% | +20.6% |
| 5-year return | -25.1% | +82.4% |
| Volatility (ann.) | 40.5% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -53.3% | -18.8% |
| Market cap | $10.5B | – |
| P/E (trailing) | 5.5 | – |
| Dividend yield | 4.78% | 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 | AES | SPY |
|---|---|---|
| 2022 | +21.7% | -18.2% |
| 2023 | -30.9% | +26.2% |
| 2024 | -30.4% | +24.9% |
| 2025 | +18.3% | +17.7% |
| 2026 | +6.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and SPY good diversifiers for each other?
Reasonably. At 0.31, AES and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AES and SPY?
As of 2026-08-27, the correlation of weekly returns between AES and SPY is 0.31 over 3 years, 0.20 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for AES?
Reasonably. At 0.31, AES and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
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Related comparisons
Hubs: AES correlations · SPY correlations
