AIR vs SPY: Correlation
AAR Corp. (AIR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIR and SPY?
On 3 years of weekly data the AIR/SPY correlation comes out at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 221.6 %².
SPY is close to the least connected end of AIR's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with AIR ahead by 58.6 points (+79.2% versus +20.6%). Risk is not evenly split, since AIR carries 2.6 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.
AIR vs SPY: side by side
| AIR (AAR Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +79.2% | +20.6% |
| 5-year return | +302.1% | +82.4% |
| Volatility (ann.) | 37.3% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -35.7% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 28.0 | – |
| 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 | AIR | SPY |
|---|---|---|
| 2022 | +15.0% | -18.2% |
| 2023 | +39.0% | +26.2% |
| 2024 | -1.8% | +24.9% |
| 2025 | +35.1% | +17.7% |
| 2026 | +64.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AIR and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.31 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for AIR?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/air-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/air-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIR correlations · SPY correlations
