ATRC vs SPY: Correlation
Measured on weekly returns over the past three years, AtriCure, Inc. (ATRC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATRC and SPY?
Over the past 3 years, ATRC and SPY moved with a correlation of 0.31, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.31 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 203.6 %².
Among the 10 assets we track against ATRC, SPY sits near the bottom by co-movement, at rank #6. On 12-month performance ATRC holds a 11.5-point edge, +32.1% against +20.6%. Note the risk asymmetry: ATRC runs 3.1 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.
ATRC vs SPY: side by side
| ATRC (AtriCure, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.1% | +20.6% |
| 5-year return | -33.3% | +82.4% |
| Volatility (ann.) | 45.4% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -57.3% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 224.0 | – |
| 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 | ATRC | SPY |
|---|---|---|
| 2022 | -36.2% | -18.2% |
| 2023 | -19.6% | +26.2% |
| 2024 | -14.4% | +24.9% |
| 2025 | +29.5% | +17.7% |
| 2026 | +24.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATRC and SPY good diversifiers for each other?
Reasonably. At 0.31, ATRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATRC and SPY?
As of 2026-08-27, the correlation of weekly returns between ATRC and SPY is 0.31 over 3 years, 0.11 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for ATRC?
Reasonably. At 0.31, ATRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: ATRC correlations · SPY correlations
