ALLE vs SPY: Correlation
Allegion (ALLE) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALLE and SPY?
On 3 years of weekly data the ALLE/SPY correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.06 versus 0.36 over 3 years. The 5-year figure is 0.52, and annualized covariance runs at 125.5 %².
By 3-year correlation, SPY places #22 of the 33 assets tracked against ALLE. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.0 percentage points (-6.4% for ALLE against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.05 and 0.75 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: ALLE runs 1.7 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.
ALLE vs SPY: side by side
| ALLE (Allegion) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.4% | +20.6% |
| 5-year return | +19.4% | +82.4% |
| Volatility (ann.) | 24.3% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -29.8% | -18.8% |
| Market cap | $13.6B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 1.32% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | ALLE | SPY |
|---|---|---|
| 2022 | -19.3% | -18.2% |
| 2023 | +22.3% | +26.2% |
| 2024 | +4.7% | +24.9% |
| 2025 | +22.8% | +17.7% |
| 2026 | +1.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALLE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ALLE and SPY?
As of 2026-08-27, the correlation of weekly returns between ALLE and SPY is 0.36 over 3 years, 0.06 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for ALLE?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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: ALLE correlations · SPY correlations
