AMCR vs SPY: Correlation
How closely do Amcor (AMCR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMCR and SPY?
Across a 3-year window, the weekly returns of AMCR and SPY correlate at 0.27, weak. Recent behaviour matches the longer record: 0.24 over 1 year against 0.27 over 3. Stretching to 5 years gives 0.43, with an annualized covariance of 95.2 %².
By 3-year correlation, SPY places #25 of the 36 assets tracked against AMCR. The trailing year gives SPY the advantage: +12.6% versus +20.6%, a 8.0-point spread. This link changes with the market regime, having swung between 0.04 and 0.79 on a rolling one-year basis. Note the risk asymmetry: AMCR runs 1.7 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.
AMCR vs SPY: side by side
| AMCR (Amcor) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.6% | +20.6% |
| 5-year return | -9.8% | +82.4% |
| Volatility (ann.) | 24.5% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -32.0% | -18.8% |
| Market cap | $21.5B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 5.51% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | AMCR | SPY |
|---|---|---|
| 2022 | +3.2% | -18.2% |
| 2023 | -15.0% | +26.2% |
| 2024 | +2.6% | +24.9% |
| 2025 | -9.0% | +17.7% |
| 2026 | +14.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMCR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AMCR and SPY?
As of 2026-08-27, the correlation of weekly returns between AMCR and SPY is 0.27 over 3 years, 0.24 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for AMCR?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: AMCR correlations · SPY correlations
