ARRY vs SPY: Correlation
Array Technologies, Inc. (ARRY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and SPY?
Across a 3-year window, the weekly returns of ARRY and SPY correlate at 0.27, weak. Recent behaviour matches the longer record: 0.33 over 1 year against 0.27 over 3. Stretching to 5 years gives 0.35, with an annualized covariance of 286.4 %².
Among the 14 assets we track against ARRY, SPY ranks #9 by 3-year correlation. The last year tells two different stories: SPY led by 68.9 percentage points, -48.3% for ARRY against +20.6% for SPY. One caveat on sizing: ARRY is 5.1 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.
ARRY vs SPY: side by side
| ARRY (Array Technologies, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -48.3% | +20.6% |
| 5-year return | -75.3% | +82.4% |
| Volatility (ann.) | 73.3% | 14.5% |
| Beta vs S&P 500 | 1.37 | 1.00 |
| Max drawdown (3Y) | -84.9% | -18.8% |
| Market cap | $0.7B | – |
| 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 | ARRY | SPY |
|---|---|---|
| 2022 | +23.2% | -18.2% |
| 2023 | -13.1% | +26.2% |
| 2024 | -64.0% | +24.9% |
| 2025 | +52.6% | +17.7% |
| 2026 | -49.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARRY 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 ARRY and SPY?
As of 2026-08-27, the correlation of weekly returns between ARRY and SPY is 0.27 over 3 years, 0.33 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for ARRY?
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?
A reading of 0.27 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: ARRY correlations · SPY correlations
