ARTNA vs SPY: Correlation
How closely do Artesian Resources Corporation - Class A Non-Voting (ARTNA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTNA and SPY?
On 3 years of weekly data the ARTNA/SPY correlation comes out at 0.17, weak. The past 12 months show a weaker link (-0.12) than the 3-year average (0.17). The 5-year figure is 0.21, and annualized covariance runs at 55.9 %².
Among the 12 assets we track against ARTNA, SPY ranks #7 by 3-year correlation. The trailing year gives SPY the advantage: +10.6% versus +20.6%, a 10.0-point spread. Note the risk asymmetry: ARTNA runs 1.6 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.
ARTNA vs SPY: side by side
| ARTNA (Artesian Resources Corporation - Class A Non-Voting) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.6% | +20.6% |
| 5-year return | +4.6% | +82.4% |
| Volatility (ann.) | 22.9% | 14.5% |
| Beta vs S&P 500 | 0.27 | 1.00 |
| Max drawdown (3Y) | -34.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 15.6 | – |
| Dividend yield | 3.54% | 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 | ARTNA | SPY |
|---|---|---|
| 2022 | +29.3% | -18.2% |
| 2023 | -27.6% | +26.2% |
| 2024 | -21.2% | +24.9% |
| 2025 | +3.8% | +17.7% |
| 2026 | +15.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTNA and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, ARTNA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARTNA and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with -0.12 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for ARTNA?
Yes. With a correlation of 0.17, ARTNA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ARTNA correlations · SPY correlations
