AME vs SPY: Correlation
Measured on weekly returns over the past three years, Ametek (AME) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AME and SPY?
Across a 3-year window, the weekly returns of AME and SPY correlate at 0.60, strong. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.60 over 3 years. Stretching to 5 years gives 0.69, with an annualized covariance of 176.0 %².
Among the 31 assets we track against AME, SPY ranks #16 by 3-year correlation. Over the last 12 months AME came out ahead by 10.8 percentage points (+31.4% against +20.6%). On a rolling one-year basis the correlation drifted between 0.40 and 0.77, a moderate band.
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.
AME vs SPY: side by side
| AME (Ametek) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.4% | +20.6% |
| 5-year return | +83.6% | +82.4% |
| Volatility (ann.) | 20.4% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -23.0% | -18.8% |
| Market cap | $55.9B | – |
| P/E (trailing) | 35.8 | – |
| Dividend yield | 0.53% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | AME | SPY |
|---|---|---|
| 2022 | -4.3% | -18.2% |
| 2023 | +18.8% | +26.2% |
| 2024 | +10.0% | +24.9% |
| 2025 | +14.7% | +17.7% |
| 2026 | +19.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AME represents 0.09% of SPY's portfolio, so part of any move in SPY is AME itself, and the correlation between them is partly mechanical.
Are AME and SPY good diversifiers for each other?
Only partially. A correlation of 0.60 means AME and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AME and SPY?
The AME/SPY correlation stands at 0.60 on a 3-year window (1 year: 0.47, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AME?
Only partially. A correlation of 0.60 means AME and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 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: AME correlations · SPY correlations
