ATI vs SPY: Correlation
Measured on weekly returns over the past three years, ATI Inc. (ATI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATI and SPY?
Over the past 3 years, ATI and SPY moved with a correlation of 0.53, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.40 versus 0.53 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 333.2 %².
SPY is close to the least connected end of ATI's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with ATI ahead by 158.9 points (+179.5% versus +20.6%). Note the risk asymmetry: ATI runs 3.0 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.
ATI vs SPY: side by side
| ATI (ATI Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +179.5% | +20.6% |
| 5-year return | +1095.8% | +82.4% |
| Volatility (ann.) | 43.3% | 14.5% |
| Beta vs S&P 500 | 1.59 | 1.00 |
| Max drawdown (3Y) | -38.0% | -18.8% |
| Market cap | $29.2B | – |
| P/E (trailing) | 62.5 | – |
| 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 | ATI | SPY |
|---|---|---|
| 2022 | +87.4% | -18.2% |
| 2023 | +52.3% | +26.2% |
| 2024 | +21.0% | +24.9% |
| 2025 | +108.5% | +17.7% |
| 2026 | +86.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATI and SPY good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ATI and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.40 over the last year and 0.51 over 5 years.
Is SPY a good diversifier for ATI?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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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Related comparisons
Hubs: ATI correlations · SPY correlations
