ARMK vs SPY: Correlation
Measured on weekly returns over the past three years, Aramark (ARMK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARMK and SPY?
Over the past 3 years, ARMK and SPY moved with a correlation of 0.34, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.34 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 127.9 %².
Within ARMK's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: ARMK led by 30.0 percentage points, +50.6% for ARMK against +20.6% for SPY. Note the risk asymmetry: ARMK runs 1.8 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.
ARMK vs SPY: side by side
| ARMK (Aramark) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.6% | +20.6% |
| 5-year return | +152.4% | +82.4% |
| Volatility (ann.) | 25.7% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -27.6% | -18.8% |
| Market cap | $15.5B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.81% | 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 | ARMK | SPY |
|---|---|---|
| 2022 | +13.5% | -18.2% |
| 2023 | -4.7% | +26.2% |
| 2024 | +34.3% | +24.9% |
| 2025 | -0.1% | +17.7% |
| 2026 | +60.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARMK and SPY good diversifiers for each other?
Reasonably. At 0.34, ARMK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ARMK and SPY?
The ARMK/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.15, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ARMK?
Reasonably. At 0.34, ARMK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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: ARMK correlations · SPY correlations
