AIRS vs SPY: Correlation
Measured on weekly returns over the past three years, AirSculpt Technologies, Inc. (AIRS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRS and SPY?
Across a 3-year window, the weekly returns of AIRS and SPY correlate at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.11) runs below the 3-year figure (0.30). Stretching to 5 years gives 0.38, with an annualized covariance of 440.7 %².
Among the 11 assets we track against AIRS, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 79.6 percentage points, -59.0% for AIRS against +20.6% for SPY. Note the risk asymmetry: AIRS runs 6.9 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.
AIRS vs SPY: side by side
| AIRS (AirSculpt Technologies, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -59.0% | +20.6% |
| 5-year return | -82.9% | +82.4% |
| Volatility (ann.) | 100.5% | 14.5% |
| Beta vs S&P 500 | 2.11 | 1.00 |
| Max drawdown (3Y) | -86.4% | -18.8% |
| Market cap | $0.2B | – |
| 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 | AIRS | SPY |
|---|---|---|
| 2022 | -77.5% | -18.2% |
| 2023 | +102.4% | +26.2% |
| 2024 | -30.7% | +24.9% |
| 2025 | -61.8% | +17.7% |
| 2026 | +31.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRS and SPY good diversifiers for each other?
Reasonably. At 0.30, AIRS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AIRS and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.11 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for AIRS?
Reasonably. At 0.30, AIRS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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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Hubs: AIRS correlations · SPY correlations
