AR vs SPY: Correlation
Measured on weekly returns over the past three years, Antero Resources Corporation (AR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AR and SPY?
On 3 years of weekly data the AR/SPY correlation comes out at 0.11, weak. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (0.11). The 5-year figure is 0.25, and annualized covariance runs at 67.0 %².
Within AR's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Their 12-month results are close: +23.1% for AR against +20.6% for SPY. Risk is not evenly split, since AR carries 2.8 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.
AR vs SPY: side by side
| AR (Antero Resources Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.1% | +20.6% |
| 5-year return | +181.4% | +82.4% |
| Volatility (ann.) | 40.6% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -33.2% | -18.8% |
| Market cap | $11.8B | – |
| P/E (trailing) | 11.0 | – |
| 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 | AR | SPY |
|---|---|---|
| 2022 | +77.1% | -18.2% |
| 2023 | -26.8% | +26.2% |
| 2024 | +54.5% | +24.9% |
| 2025 | -1.7% | +17.7% |
| 2026 | +11.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AR and SPY good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AR and SPY?
The AR/SPY correlation stands at 0.11 on a 3-year window (1 year: -0.38, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AR?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
A reading of 0.11 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AR correlations · SPY correlations
