AMWL vs SPY: Correlation
Measured on weekly returns over the past three years, American Well Corporation (AMWL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMWL and SPY?
On 3 years of weekly data the AMWL/SPY correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.39). The 5-year figure is 0.42, and annualized covariance runs at 444.5 %².
Out of 10 assets tracked against AMWL, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months AMWL outperformed by 48.5 percentage points (+69.1% for AMWL against +20.6% for SPY). Risk is not evenly split, since AMWL carries 5.4 times the volatility of the other side.
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.
AMWL vs SPY: side by side
| AMWL (American Well Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +69.1% | +20.6% |
| 5-year return | -94.4% | +82.4% |
| Volatility (ann.) | 78.9% | 14.5% |
| Beta vs S&P 500 | 2.13 | 1.00 |
| Max drawdown (3Y) | -88.0% | -18.8% |
| Market cap | $0.2B | – |
| 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 | AMWL | SPY |
|---|---|---|
| 2022 | -53.1% | -18.2% |
| 2023 | -47.3% | +26.2% |
| 2024 | -75.7% | +24.9% |
| 2025 | -32.3% | +17.7% |
| 2026 | +139.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMWL and SPY good diversifiers for each other?
Reasonably. At 0.39, AMWL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AMWL and SPY?
The AMWL/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.29, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AMWL?
Reasonably. At 0.39, AMWL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amwl-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amwl-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMWL correlations · SPY correlations
