ASO vs SPY: Correlation
How closely do Academy Sports and Outdoors, Inc. (ASO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and SPY?
Across a 3-year window, the weekly returns of ASO and SPY correlate at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.46 over 3 years. Stretching to 5 years gives 0.49, with an annualized covariance of 262.8 %².
Among the 16 assets we track against ASO, SPY ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 44.1 percentage points (-23.5% for ASO against +20.6% for SPY). Risk is not evenly split, since ASO 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.
ASO vs SPY: side by side
| ASO (Academy Sports and Outdoors, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.5% | +20.6% |
| 5-year return | +2.0% | +82.4% |
| Volatility (ann.) | 39.7% | 14.5% |
| Beta vs S&P 500 | 1.26 | 1.00 |
| Max drawdown (3Y) | -54.2% | -18.8% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | 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 | ASO | SPY |
|---|---|---|
| 2022 | +20.6% | -18.2% |
| 2023 | +26.4% | +26.2% |
| 2024 | -12.2% | +24.9% |
| 2025 | -12.2% | +17.7% |
| 2026 | -14.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASO and SPY?
The ASO/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.27, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ASO?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: ASO correlations · SPY correlations
