AIT vs SPY: Correlation
Applied Industrial Technologies, Inc. (AIT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and SPY?
Across a 3-year window, the weekly returns of AIT and SPY correlate at 0.57, moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.57). Stretching to 5 years gives 0.56, with an annualized covariance of 215.6 %².
Within AIT's tracked universe of 26 assets, SPY comes in at #14 by 3-year correlation. The trailing year gives AIT the advantage: +26.9% versus +20.6%, a 6.3-point spread. Note the risk asymmetry: AIT runs 1.8 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.
AIT vs SPY: side by side
| AIT (Applied Industrial Technologies, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.9% | +20.6% |
| 5-year return | +291.4% | +82.4% |
| Volatility (ann.) | 26.0% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -26.4% | -18.8% |
| Market cap | $12.4B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.57% | 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 | AIT | SPY |
|---|---|---|
| 2022 | +24.2% | -18.2% |
| 2023 | +38.4% | +26.2% |
| 2024 | +39.7% | +24.9% |
| 2025 | +8.0% | +17.7% |
| 2026 | +32.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and SPY good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AIT and SPY?
The AIT/SPY correlation stands at 0.57 on a 3-year window (1 year: 0.34, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AIT?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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: AIT correlations · SPY correlations
