AREN vs SPY: Correlation
How closely do The Arena Group Holdings, Inc. (AREN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and SPY?
Across a 3-year window, the weekly returns of AREN and SPY correlate at 0.04, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.28) runs above the 3-year figure (0.04). Stretching to 5 years gives 0.08, with an annualized covariance of 101.5 %².
Within AREN's tracked universe of 22 assets, SPY comes in at #11 by 3-year correlation. The last year tells two different stories: SPY led by 105.4 percentage points, -84.8% for AREN against +20.6% for SPY. Note the risk asymmetry: AREN runs 10.9 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.
AREN vs SPY: side by side
| AREN (The Arena Group Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -84.8% | +20.6% |
| 5-year return | -93.0% | +82.4% |
| Volatility (ann.) | 157.6% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -91.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 4.9 | – |
| 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 | AREN | SPY |
|---|---|---|
| 2022 | -24.6% | -18.2% |
| 2023 | -77.6% | +26.2% |
| 2024 | -43.7% | +24.9% |
| 2025 | +198.5% | +17.7% |
| 2026 | -76.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between AREN and SPY?
Using weekly returns as of 2026-08-27: 0.04 over 3 years, with 0.28 over the last year and 0.08 over 5 years.
Is SPY a good diversifier for AREN?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
What does a correlation of 0.04 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: AREN correlations · SPY correlations
