ARW vs SPY: Correlation
Measured on weekly returns over the past three years, Arrow Electronics, Inc. (ARW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARW and SPY?
On 3 years of weekly data the ARW/SPY correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.47). The 5-year figure is 0.51, and annualized covariance runs at 205.8 %².
Among the 13 assets we track against ARW, SPY ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ARW outperformed by 42.9 percentage points (+63.5% for ARW against +20.6% for SPY). Note the risk asymmetry: ARW runs 2.1 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.
ARW vs SPY: side by side
| ARW (Arrow Electronics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +63.5% | +20.6% |
| 5-year return | +70.1% | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -34.1% | -18.8% |
| Market cap | $10.6B | – |
| P/E (trailing) | 13.2 | – |
| 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 | ARW | SPY |
|---|---|---|
| 2022 | -22.1% | -18.2% |
| 2023 | +16.9% | +26.2% |
| 2024 | -7.5% | +24.9% |
| 2025 | -2.6% | +17.7% |
| 2026 | +89.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARW and SPY good diversifiers for each other?
Reasonably. At 0.47, ARW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ARW and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.29 over the last year and 0.51 over 5 years.
Is SPY a good diversifier for ARW?
Reasonably. At 0.47, ARW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: ARW correlations · SPY correlations
