AMS vs SPY: Correlation
American Shared Hospital Services (AMS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.10.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMS and SPY?
On 3 years of weekly data the AMS/SPY correlation comes out at 0.10, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. The 5-year figure is 0.15, and annualized covariance runs at 70.6 %².
Among the 11 assets we track against AMS, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 61.3 points (-40.7% versus +20.6%). Note the risk asymmetry: AMS runs 3.2 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.
AMS vs SPY: side by side
| AMS (American Shared Hospital Services) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.7% | +20.6% |
| 5-year return | -45.7% | +82.4% |
| Volatility (ann.) | 46.6% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -64.2% | -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 | AMS | SPY |
|---|---|---|
| 2022 | +23.6% | -18.2% |
| 2023 | -18.8% | +26.2% |
| 2024 | +34.0% | +24.9% |
| 2025 | -33.9% | +17.7% |
| 2026 | -30.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMS and SPY?
As of 2026-08-27, the correlation of weekly returns between AMS and SPY is 0.10 over 3 years, 0.15 over 1 year and 0.15 over 5 years.
Is SPY a good diversifier for AMS?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 mean?
A reading of 0.10 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ams-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ams-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMS correlations · SPY correlations
