ALGT vs SPY: Correlation
Allegiant Travel Company (ALGT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGT and SPY?
Across a 3-year window, the weekly returns of ALGT and SPY correlate at 0.34, moderate. Little has changed lately, as the 1-year reading of 0.27 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 284.6 %².
Out of 15 assets tracked against ALGT, SPY lands near the bottom at #11. On 12-month performance ALGT holds a 7.9-point edge, +28.5% against +20.6%. Note the risk asymmetry: ALGT runs 4.0 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.
ALGT vs SPY: side by side
| ALGT (Allegiant Travel Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.5% | +20.6% |
| 5-year return | -55.9% | +82.4% |
| Volatility (ann.) | 58.0% | 14.5% |
| Beta vs S&P 500 | 1.36 | 1.00 |
| Max drawdown (3Y) | -61.2% | -18.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 71.7 | – |
| 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 | ALGT | SPY |
|---|---|---|
| 2022 | -63.6% | -18.2% |
| 2023 | +23.4% | +26.2% |
| 2024 | +16.0% | +24.9% |
| 2025 | -9.4% | +17.7% |
| 2026 | -5.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGT and SPY good diversifiers for each other?
Reasonably. At 0.34, ALGT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALGT and SPY?
As of 2026-08-27, the correlation of weekly returns between ALGT and SPY is 0.34 over 3 years, 0.27 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for ALGT?
Reasonably. At 0.34, ALGT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ALGT correlations · SPY correlations
