AORT vs SPY: Correlation
How closely do Artivion, Inc. (AORT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AORT and SPY?
Across a 3-year window, the weekly returns of AORT and SPY correlate at 0.27, weak. The past 12 months show a weaker link (0.07) than the 3-year average (0.27). Stretching to 5 years gives 0.38, with an annualized covariance of 183.0 %².
Within AORT's tracked universe of 15 assets, SPY comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 59.6 percentage points (-39.0% for AORT against +20.6% for SPY). One caveat on sizing: AORT is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AORT vs SPY: side by side
| AORT (Artivion, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.0% | +20.6% |
| 5-year return | +3.6% | +82.4% |
| Volatility (ann.) | 47.1% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -57.8% | -18.8% |
| Market cap | $1.3B | – |
| 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 | AORT | SPY |
|---|---|---|
| 2022 | -40.4% | -18.2% |
| 2023 | +47.5% | +26.2% |
| 2024 | +59.9% | +24.9% |
| 2025 | +59.5% | +17.7% |
| 2026 | -41.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AORT and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AORT and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.07 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for AORT?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AORT correlations · SPY correlations
