AIP vs SPY: Correlation
Measured on weekly returns over the past three years, Arteris, Inc. (AIP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIP and SPY?
Across a 3-year window, the weekly returns of AIP and SPY correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.44 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 420.0 %².
Within AIP's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AIP outperformed by 122.8 percentage points (+143.4% for AIP against +20.6% for SPY). Risk is not evenly split, since AIP carries 4.5 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.
AIP vs SPY: side by side
| AIP (Arteris, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +143.4% | +20.6% |
| 5-year return | +29.7% | +82.4% |
| Volatility (ann.) | 65.6% | 14.5% |
| Beta vs S&P 500 | 2.01 | 1.00 |
| Max drawdown (3Y) | -54.5% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| 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 | AIP | SPY |
|---|---|---|
| 2022 | -79.6% | -18.2% |
| 2023 | +37.0% | +26.2% |
| 2024 | +73.0% | +24.9% |
| 2025 | +52.1% | +17.7% |
| 2026 | +52.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIP and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AIP and SPY?
The AIP/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.31, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AIP?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aip-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aip-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIP correlations · SPY correlations
