AMH vs SPY: Correlation
How closely do American Homes 4 Rent (AMH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMH and SPY?
Across a 3-year window, the weekly returns of AMH and SPY correlate at 0.30, moderate. The past 12 months show a weaker link (0.03) than the 3-year average (0.30). Stretching to 5 years gives 0.50, with an annualized covariance of 90.7 %².
Out of 12 assets tracked against AMH, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.7 percentage points (-2.1% for AMH against +20.6% for SPY).
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.
AMH vs SPY: side by side
| AMH (American Homes 4 Rent) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.1% | +20.6% |
| 5-year return | -8.5% | +82.4% |
| Volatility (ann.) | 21.1% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -29.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 3.69% | 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 | AMH | SPY |
|---|---|---|
| 2022 | -29.5% | -18.2% |
| 2023 | +22.4% | +26.2% |
| 2024 | +7.0% | +24.9% |
| 2025 | -11.1% | +17.7% |
| 2026 | +6.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMH and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AMH and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.03 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for AMH?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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: AMH correlations · SPY correlations
