AMAL vs SPY: Correlation
How closely do Amalgamated Financial Corp. (AMAL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAL and SPY?
Over the past 3 years, AMAL and SPY moved with a correlation of 0.38, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.38 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 174.5 %².
Among the 11 assets we track against AMAL, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with AMAL ahead by 46.1 points (+66.7% versus +20.6%). Note the risk asymmetry: AMAL runs 2.2 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.
AMAL vs SPY: side by side
| AMAL (Amalgamated Financial Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +66.7% | +20.6% |
| 5-year return | +247.4% | +82.4% |
| Volatility (ann.) | 32.0% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -32.8% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 1.34% | 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 | AMAL | SPY |
|---|---|---|
| 2022 | +39.8% | -18.2% |
| 2023 | +19.4% | +26.2% |
| 2024 | +26.3% | +24.9% |
| 2025 | -2.5% | +17.7% |
| 2026 | +53.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AMAL and SPY?
As of 2026-08-27, the correlation of weekly returns between AMAL and SPY is 0.38 over 3 years, 0.13 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for AMAL?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: AMAL correlations · SPY correlations
