ASH vs SPY: Correlation
Measured on weekly returns over the past three years, Ashland Inc. (ASH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASH and SPY?
Over the past 3 years, ASH and SPY moved with a correlation of 0.45, which is moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 204.2 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against ASH. On 12-month performance ASH holds a 14.1-point edge, +34.7% against +20.6%. One caveat on sizing: ASH is 2.2 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.
ASH vs SPY: side by side
| ASH (Ashland Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.7% | +20.6% |
| 5-year return | -6.5% | +82.4% |
| Volatility (ann.) | 31.6% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -53.3% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 47.7 | – |
| Dividend yield | 2.24% | 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 | ASH | SPY |
|---|---|---|
| 2022 | +1.1% | -18.2% |
| 2023 | -20.2% | +26.2% |
| 2024 | -13.7% | +24.9% |
| 2025 | -15.4% | +17.7% |
| 2026 | +27.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASH and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.38 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for ASH?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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: ASH correlations · SPY correlations
