ASTE vs SPY: Correlation
Measured on weekly returns over the past three years, Astec Industries, Inc. (ASTE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTE and SPY?
Over the past 3 years, ASTE and SPY moved with a correlation of 0.30, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.30 over 3 years. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 199.3 %².
Out of 13 assets tracked against ASTE, SPY lands near the bottom at #9. The last year tells two different stories: SPY led by 26.5 percentage points, -5.9% for ASTE against +20.6% for SPY. One caveat on sizing: ASTE is 3.1 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.
ASTE vs SPY: side by side
| ASTE (Astec Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.9% | +20.6% |
| 5-year return | -23.7% | +82.4% |
| Volatility (ann.) | 45.5% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -47.0% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 52.6 | – |
| Dividend yield | 1.18% | 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 | ASTE | SPY |
|---|---|---|
| 2022 | -40.6% | -18.2% |
| 2023 | -7.3% | +26.2% |
| 2024 | -8.4% | +24.9% |
| 2025 | +30.6% | +17.7% |
| 2026 | +2.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTE and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASTE and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.08 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for ASTE?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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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Hubs: ASTE correlations · SPY correlations
