AROC vs SPY: Correlation
Measured on weekly returns over the past three years, Archrock, Inc. (AROC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROC and SPY?
Over the past 3 years, AROC and SPY moved with a correlation of 0.35, which is moderate. Lately the two have drifted apart, with the 1-year correlation at -0.15 versus 0.35 over 3 years. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 182.7 %².
Among the 17 assets we track against AROC, SPY ranks #12 by 3-year correlation. Over the last 12 months AROC came out ahead by 13.8 percentage points (+34.4% against +20.6%). One caveat on sizing: AROC is 2.5 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.
AROC vs SPY: side by side
| AROC (Archrock, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.4% | +20.6% |
| 5-year return | +420.1% | +82.4% |
| Volatility (ann.) | 36.3% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -30.3% | -18.8% |
| Market cap | $5.6B | – |
| P/E (trailing) | 17.0 | – |
| Dividend yield | 2.78% | 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 | AROC | SPY |
|---|---|---|
| 2022 | +28.8% | -18.2% |
| 2023 | +81.0% | +26.2% |
| 2024 | +67.6% | +24.9% |
| 2025 | +8.0% | +17.7% |
| 2026 | +25.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROC and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AROC and SPY?
As of 2026-08-27, the correlation of weekly returns between AROC and SPY is 0.35 over 3 years, -0.15 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for AROC?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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: AROC correlations · SPY correlations
