ASR vs SPY: Correlation
How closely do Grupo Aeroportuario del Sureste, S.A. de C.V. (ASR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASR and SPY?
Across a 3-year window, the weekly returns of ASR and SPY correlate at 0.35, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.35). Stretching to 5 years gives 0.38, with an annualized covariance of 161.1 %².
Among the 13 assets we track against ASR, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 40.0 percentage points (-19.4% for ASR against +20.6% for SPY). Risk is not evenly split, since ASR carries 2.2 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.
ASR vs SPY: side by side
| ASR (Grupo Aeroportuario del Sureste, S.A. de C.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.4% | +20.6% |
| 5-year return | +83.2% | +82.4% |
| Volatility (ann.) | 32.3% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -31.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 3.81% | 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 | ASR | SPY |
|---|---|---|
| 2022 | +17.0% | -18.2% |
| 2023 | +32.1% | +26.2% |
| 2024 | -9.2% | +24.9% |
| 2025 | +35.6% | +17.7% |
| 2026 | -18.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASR and SPY good diversifiers for each other?
Reasonably. At 0.35, ASR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASR and SPY?
As of 2026-08-27, the correlation of weekly returns between ASR and SPY is 0.35 over 3 years, 0.12 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for ASR?
Reasonably. At 0.35, ASR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: ASR correlations · SPY correlations
