AIRT vs SPY: Correlation
How closely do Air T, Inc. (AIRT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRT and SPY?
Over the past 3 years, AIRT and SPY moved with a correlation of 0.01, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.27) than the 3-year average (0.01). Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 9.6 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against AIRT. Their recent paths diverged sharply: over the last 12 months AIRT outperformed by 20.6 percentage points (+41.2% for AIRT against +20.6% for SPY). Note the risk asymmetry: AIRT runs 3.5 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.
AIRT vs SPY: side by side
| AIRT (Air T, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.2% | +20.6% |
| 5-year return | -4.1% | +82.4% |
| Volatility (ann.) | 51.1% | 14.5% |
| Beta vs S&P 500 | 0.05 | 1.00 |
| Max drawdown (3Y) | -49.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.3 | – |
| 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 | AIRT | SPY |
|---|---|---|
| 2022 | -1.7% | -18.2% |
| 2023 | -31.6% | +26.2% |
| 2024 | +18.0% | +24.9% |
| 2025 | -4.3% | +17.7% |
| 2026 | +70.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRT and SPY good diversifiers for each other?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AIRT and SPY?
Using weekly returns as of 2026-08-27: 0.01 over 3 years, with 0.27 over the last year and 0.07 over 5 years.
Is SPY a good diversifier for AIRT?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.01 mean?
On the −1 to +1 scale, 0.01 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: AIRT correlations · SPY correlations
