ALM vs SPY: Correlation
Measured on weekly returns over the past three years, Almonty Industries Inc. (ALM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALM and SPY?
On 3 years of weekly data the ALM/SPY correlation comes out at 0.21, weak. The link has tightened recently: the 1-year correlation (0.36) runs above the 3-year figure (0.21). The 5-year figure is 0.21, and annualized covariance runs at 275.6 %².
SPY is close to the least connected end of ALM's tracked universe, ranking #10 of 13. Their recent paths diverged sharply: over the last 12 months ALM outperformed by 328.1 percentage points (+348.7% for ALM against +20.6% for SPY). Risk is not evenly split, since ALM carries 6.2 times the volatility of the other side.
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.
ALM vs SPY: side by side
| ALM (Almonty Industries Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +348.7% | +20.6% |
| 5-year return | +1028.4% | +82.4% |
| Volatility (ann.) | 89.8% | 14.5% |
| Beta vs S&P 500 | 1.32 | 1.00 |
| Max drawdown (3Y) | -57.9% | -18.8% |
| Market cap | $5.4B | – |
| P/E (trailing) | 82.1 | – |
| 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 | ALM | SPY |
|---|---|---|
| 2022 | -27.7% | -18.2% |
| 2023 | -19.7% | +26.2% |
| 2024 | +53.2% | +24.9% |
| 2025 | +526.5% | +17.7% |
| 2026 | +114.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALM and SPY good diversifiers for each other?
Reasonably. At 0.21, ALM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALM and SPY?
The ALM/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.36, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ALM?
Reasonably. At 0.21, ALM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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: ALM correlations · SPY correlations
