AIRG vs SPY: Correlation
Airgain, Inc. (AIRG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRG and SPY?
On 3 years of weekly data the AIRG/SPY correlation comes out at 0.21, weak. Lately the two have drifted apart, with the 1-year correlation at -0.09 versus 0.21 over 3 years. The 5-year figure is 0.26, and annualized covariance runs at 216.1 %².
Out of 11 assets tracked against AIRG, SPY lands near the bottom at #7. The trailing year gives AIRG the advantage: +25.8% versus +20.6%, a 5.2-point spread. Note the risk asymmetry: AIRG runs 5.0 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.
AIRG vs SPY: side by side
| AIRG (Airgain, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.8% | +20.6% |
| 5-year return | -63.5% | +82.4% |
| Volatility (ann.) | 72.0% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -70.2% | -18.8% |
| Market cap | $0.1B | – |
| 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 | AIRG | SPY |
|---|---|---|
| 2022 | -38.8% | -18.2% |
| 2023 | -45.3% | +26.2% |
| 2024 | +98.3% | +24.9% |
| 2025 | -42.5% | +17.7% |
| 2026 | +29.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRG and SPY good diversifiers for each other?
Reasonably. At 0.21, AIRG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AIRG and SPY?
As of 2026-08-27, the correlation of weekly returns between AIRG and SPY is 0.21 over 3 years, -0.09 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for AIRG?
Reasonably. At 0.21, AIRG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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: AIRG correlations · SPY correlations
