ALRS vs SPY: Correlation
Alerus Financial Corporation (ALRS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALRS and SPY?
On 3 years of weekly data the ALRS/SPY correlation comes out at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.41). The 5-year figure is 0.40, and annualized covariance runs at 184.8 %².
Within ALRS's tracked universe of 16 assets, SPY comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ALRS outperformed by 32.6 percentage points (+53.2% for ALRS against +20.6% for SPY). Risk is not evenly split, since ALRS carries 2.2 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.
ALRS vs SPY: side by side
| ALRS (Alerus Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.2% | +20.6% |
| 5-year return | +33.2% | +82.4% |
| Volatility (ann.) | 31.4% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 2.56% | 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 | ALRS | SPY |
|---|---|---|
| 2022 | -17.9% | -18.2% |
| 2023 | -0.2% | +26.2% |
| 2024 | -10.7% | +24.9% |
| 2025 | +21.7% | +17.7% |
| 2026 | +50.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALRS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ALRS and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.17 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for ALRS?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 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: ALRS correlations · SPY correlations
