ALAB vs SPY: Correlation
Measured on weekly returns over the past three years, Astera Labs, Inc. (ALAB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALAB and SPY?
On 3 years of weekly data the ALAB/SPY correlation comes out at 0.48, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.48 over 3. The 5-year figure is n/a, and annualized covariance runs at 606.9 %².
Among the 18 assets we track against ALAB, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ALAB ahead by 49.1 points (+69.7% versus +20.6%). Note the risk asymmetry: ALAB runs 5.8 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.
ALAB vs SPY: side by side
| ALAB (Astera Labs, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +69.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 84.6% | 14.5% |
| Beta vs S&P 500 | 2.90 | 1.00 |
| Max drawdown (3Y) | -63.7% | -18.8% |
| Market cap | $52.8B | – |
| P/E (trailing) | 142.8 | – |
| 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 | ALAB | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +25.6% | +17.7% |
| 2026 | +82.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALAB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ALAB and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.44 over the last year and n/a over 5 years.
Is SPY a good diversifier for ALAB?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ALAB correlations · SPY correlations
