ASLE vs SPY: Correlation
Measured on weekly returns over the past three years, AerSale Corporation (ASLE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASLE and SPY?
On 3 years of weekly data the ASLE/SPY correlation comes out at 0.27, weak. Recent behaviour matches the longer record: 0.34 over 1 year against 0.27 over 3. The 5-year figure is 0.31, and annualized covariance runs at 189.4 %².
SPY is close to the least connected end of ASLE's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 56.2 percentage points (-35.6% for ASLE against +20.6% for SPY). One caveat on sizing: ASLE is 3.3 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.
ASLE vs SPY: side by side
| ASLE (AerSale Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -35.6% | +20.6% |
| 5-year return | -57.7% | +82.4% |
| Volatility (ann.) | 48.5% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -72.2% | -18.8% |
| Market cap | $0.3B | – |
| 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 | ASLE | SPY |
|---|---|---|
| 2022 | -8.6% | -18.2% |
| 2023 | -21.7% | +26.2% |
| 2024 | -50.4% | +24.9% |
| 2025 | +12.9% | +17.7% |
| 2026 | -20.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASLE and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASLE and SPY?
As of 2026-08-27, the correlation of weekly returns between ASLE and SPY is 0.27 over 3 years, 0.34 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for ASLE?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
A reading of 0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASLE correlations · SPY correlations
