ARTW vs SPY: Correlation
How closely do Art's-Way Manufacturing Co., Inc. (ARTW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTW and SPY?
Over the past 3 years, ARTW and SPY moved with a correlation of 0.18, which is weak. The link has tightened recently: the 1-year correlation (0.28) runs above the 3-year figure (0.18). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 182.1 %².
Out of 11 assets tracked against ARTW, SPY lands near the bottom at #8. The last year tells two different stories: SPY led by 23.6 percentage points, -3.0% for ARTW against +20.6% for SPY. Note the risk asymmetry: ARTW runs 4.7 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.
ARTW vs SPY: side by side
| ARTW (Art's-Way Manufacturing Co., Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.0% | +20.6% |
| 5-year return | -16.9% | +82.4% |
| Volatility (ann.) | 68.2% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -60.0% | -18.8% |
| Market cap | – | – |
| 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 | ARTW | SPY |
|---|---|---|
| 2022 | -45.5% | -18.2% |
| 2023 | +7.3% | +26.2% |
| 2024 | +4.8% | +24.9% |
| 2025 | +8.3% | +17.7% |
| 2026 | +23.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTW and SPY good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARTW and SPY?
The ARTW/SPY correlation stands at 0.18 on a 3-year window (1 year: 0.28, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ARTW?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 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: ARTW correlations · SPY correlations
