ATRO vs SPY: Correlation
Astronics Corporation (ATRO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATRO and SPY?
Across a 3-year window, the weekly returns of ATRO and SPY correlate at 0.33, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 224.1 %².
SPY is close to the least connected end of ATRO's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with ATRO ahead by 146.9 points (+167.5% versus +20.6%). Note the risk asymmetry: ATRO runs 3.2 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.
ATRO vs SPY: side by side
| ATRO (Astronics Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +167.5% | +20.6% |
| 5-year return | +623.9% | +82.4% |
| Volatility (ann.) | 47.1% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -33.3% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 42.6 | – |
| 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 | ATRO | SPY |
|---|---|---|
| 2022 | -14.2% | -18.2% |
| 2023 | +69.1% | +26.2% |
| 2024 | -8.4% | +24.9% |
| 2025 | +239.8% | +17.7% |
| 2026 | +80.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATRO and SPY good diversifiers for each other?
Reasonably. At 0.33, ATRO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATRO and SPY?
The ATRO/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.41, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ATRO?
Reasonably. At 0.33, ATRO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ATRO correlations · SPY correlations
