AMBO vs SPY: Correlation
Measured on weekly returns over the past three years, Ambow Education Holding Ltd. American Depository Shares (AMBO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.00, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMBO and SPY?
On 3 years of weekly data the AMBO/SPY correlation comes out at -0.00, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.08 lands near the 3-year figure. The 5-year figure is 0.02, and annualized covariance runs at -0.4 %².
Out of 11 assets tracked against AMBO, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 63.0 percentage points (-42.4% for AMBO against +20.6% for SPY). Note the risk asymmetry: AMBO runs 10.1 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.
AMBO vs SPY: side by side
| AMBO (Ambow Education Holding Ltd. American Depository Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -42.4% | +20.6% |
| 5-year return | -86.6% | +82.4% |
| Volatility (ann.) | 146.2% | 14.5% |
| Beta vs S&P 500 | -0.00 | 1.00 |
| Max drawdown (3Y) | -73.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | AMBO | SPY |
|---|---|---|
| 2022 | -67.0% | -18.2% |
| 2023 | -54.8% | +26.2% |
| 2024 | +52.2% | +24.9% |
| 2025 | +31.4% | +17.7% |
| 2026 | -24.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMBO and SPY good diversifiers for each other?
Yes: at -0.00, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AMBO and SPY?
The AMBO/SPY correlation stands at -0.00 on a 3-year window (1 year: -0.08, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AMBO?
Yes: at -0.00, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.00 mean?
On the −1 to +1 scale, -0.00 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: AMBO correlations · SPY correlations
