ATGL vs SPY: Correlation
Alpha Technology Group Limited - Class A (ATGL) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATGL and SPY?
On 3 years of weekly data the ATGL/SPY correlation comes out at 0.04, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.05) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 149.2 %².
SPY is close to the least connected end of ATGL's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 96.6 percentage points (-76.0% for ATGL against +20.6% for SPY). Risk is not evenly split, since ATGL carries 17.5 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.
ATGL vs SPY: side by side
| ATGL (Alpha Technology Group Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -76.0% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 253.1% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -95.9% | -18.8% |
| Market cap | $0.1B | – |
| 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 | ATGL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +11.3% | +24.9% |
| 2025 | +48.0% | +17.7% |
| 2026 | -65.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATGL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between ATGL and SPY?
Using weekly returns as of 2026-08-27: 0.04 over 3 years, with 0.05 over the last year and n/a over 5 years.
Is SPY a good diversifier for ATGL?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
What does a correlation of 0.04 mean?
A reading of 0.04 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: ATGL correlations · SPY correlations
