ASTL vs SPY: Correlation
How closely do Algoma Steel Group Inc. (ASTL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTL and SPY?
On 3 years of weekly data the ASTL/SPY correlation comes out at 0.29, weak. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 225.5 %².
SPY is close to the least connected end of ASTL's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 33.6 percentage points, -13.0% for ASTL against +20.6% for SPY. Note the risk asymmetry: ASTL runs 3.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ASTL vs SPY: side by side
| ASTL (Algoma Steel Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.0% | +20.6% |
| 5-year return | -57.3% | +82.4% |
| Volatility (ann.) | 53.9% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -72.9% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.02% | 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 | ASTL | SPY |
|---|---|---|
| 2022 | -39.4% | -18.2% |
| 2023 | +62.5% | +26.2% |
| 2024 | -0.2% | +24.9% |
| 2025 | -57.4% | +17.7% |
| 2026 | +4.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTL and SPY good diversifiers for each other?
Reasonably. At 0.29, ASTL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASTL and SPY?
The ASTL/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.26, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ASTL?
Reasonably. At 0.29, ASTL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 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: ASTL correlations · SPY correlations
