ATO vs SPY: Correlation
How closely do Atmos Energy (ATO) 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 ATO and SPY?
On 3 years of weekly data the ATO/SPY correlation comes out at 0.14, weak. The link has loosened recently: the 1-year correlation (-0.25) runs below the 3-year figure (0.14). The 5-year figure is 0.35, and annualized covariance runs at 32.1 %².
By 3-year correlation, SPY places #21 of the 32 assets tracked against ATO. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.7 points (+2.9% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.26 to 0.52.
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.
ATO vs SPY: side by side
| ATO (Atmos Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.9% | +20.6% |
| 5-year return | +94.1% | +82.4% |
| Volatility (ann.) | 15.9% | 14.5% |
| Beta vs S&P 500 | 0.15 | 1.00 |
| Max drawdown (3Y) | -12.7% | -18.8% |
| Market cap | $28.3B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 2.28% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | ATO | SPY |
|---|---|---|
| 2022 | +9.6% | -18.2% |
| 2023 | +6.2% | +26.2% |
| 2024 | +23.4% | +24.9% |
| 2025 | +23.1% | +17.7% |
| 2026 | +1.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO 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 ATO and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with -0.25 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for ATO?
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?
On the −1 to +1 scale, 0.14 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: ATO correlations · SPY correlations
