ALSN vs SPY: Correlation
Measured on weekly returns over the past three years, Allison Transmission Holdings, Inc. (ALSN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALSN and SPY?
On 3 years of weekly data the ALSN/SPY correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.39). The 5-year figure is 0.41, and annualized covariance runs at 169.5 %².
Out of 12 assets tracked against ALSN, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months ALSN outperformed by 25.7 percentage points (+46.3% for ALSN against +20.6% for SPY). Note the risk asymmetry: ALSN runs 2.1 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.
ALSN vs SPY: side by side
| ALSN (Allison Transmission Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.3% | +20.6% |
| 5-year return | +271.5% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -33.6% | -18.8% |
| Market cap | $10.7B | – |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 0.87% | 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 | ALSN | SPY |
|---|---|---|
| 2022 | +16.9% | -18.2% |
| 2023 | +42.3% | +26.2% |
| 2024 | +88.0% | +24.9% |
| 2025 | -8.3% | +17.7% |
| 2026 | +32.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALSN and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALSN and SPY?
As of 2026-08-27, the correlation of weekly returns between ALSN and SPY is 0.39 over 3 years, 0.14 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for ALSN?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alsn-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alsn-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALSN correlations · SPY correlations
