ASC vs SPY: Correlation
Ardmore Shipping Corporation (ASC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASC and SPY?
Across a 3-year window, the weekly returns of ASC and SPY correlate at 0.11, weak. The relationship has been stable: the 1-year correlation (0.17) sits close to the 3-year figure. Stretching to 5 years gives 0.15, with an annualized covariance of 63.7 %².
Within ASC's tracked universe of 14 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ASC outperformed by 37.4 percentage points (+58.0% for ASC against +20.6% for SPY). Risk is not evenly split, since ASC carries 2.7 times the volatility of the other side.
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.
ASC vs SPY: side by side
| ASC (Ardmore Shipping Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +58.0% | +20.6% |
| 5-year return | +514.4% | +82.4% |
| Volatility (ann.) | 38.9% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -61.4% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 6.9 | – |
| Dividend yield | 8.07% | 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 | ASC | SPY |
|---|---|---|
| 2022 | +326.3% | -18.2% |
| 2023 | +5.8% | +26.2% |
| 2024 | -8.2% | +24.9% |
| 2025 | -11.1% | +17.7% |
| 2026 | +71.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASC and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between ASC and SPY?
The ASC/SPY correlation stands at 0.11 on a 3-year window (1 year: 0.17, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ASC?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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: ASC correlations · SPY correlations
