AOMR vs SPY: Correlation
Measured on weekly returns over the past three years, Angel Oak Mortgage REIT, Inc. (AOMR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOMR and SPY?
Across a 3-year window, the weekly returns of AOMR and SPY correlate at 0.28, weak. Lately the two have moved closer together, with the 1-year correlation at 0.41 versus 0.28 over 3 years. Stretching to 5 years gives 0.40, with an annualized covariance of 113.0 %².
Among the 13 assets we track against AOMR, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.7 percentage points (+0.9% for AOMR against +20.6% for SPY). Note the risk asymmetry: AOMR runs 1.9 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.
AOMR vs SPY: side by side
| AOMR (Angel Oak Mortgage REIT, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.9% | +20.6% |
| 5-year return | -9.4% | +82.4% |
| Volatility (ann.) | 28.0% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -37.2% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 15.31% | 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 | AOMR | SPY |
|---|---|---|
| 2022 | -67.3% | -18.2% |
| 2023 | +159.9% | +26.2% |
| 2024 | -1.9% | +24.9% |
| 2025 | +6.2% | +17.7% |
| 2026 | +8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOMR and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AOMR and SPY?
As of 2026-08-27, the correlation of weekly returns between AOMR and SPY is 0.28 over 3 years, 0.41 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for AOMR?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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: AOMR correlations · SPY correlations
