ATNI vs SPY: Correlation
How closely do ATN International, Inc. (ATNI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATNI and SPY?
Over the past 3 years, ATNI and SPY moved with a correlation of 0.14, which is weak. Little has changed lately, as the 1-year reading of 0.10 lands near the 3-year figure. Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 119.3 %².
Out of 11 assets tracked against ATNI, SPY lands near the bottom at #7. The last year tells two different stories: ATNI led by 74.8 percentage points, +95.4% for ATNI against +20.6% for SPY. One caveat on sizing: ATNI is 4.0 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.
ATNI vs SPY: side by side
| ATNI (ATN International, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +95.4% | +20.6% |
| 5-year return | -22.3% | +82.4% |
| Volatility (ann.) | 58.6% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -62.6% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 3.64% | 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 | ATNI | SPY |
|---|---|---|
| 2022 | +15.3% | -18.2% |
| 2023 | -11.9% | +26.2% |
| 2024 | -55.1% | +24.9% |
| 2025 | +43.8% | +17.7% |
| 2026 | +32.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATNI and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ATNI and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.10 over the last year and 0.18 over 5 years.
Is SPY a good diversifier for ATNI?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
A reading of 0.14 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: ATNI correlations · SPY correlations
