AWI vs SPY: Correlation
Armstrong World Industries Inc (AWI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWI and SPY?
Across a 3-year window, the weekly returns of AWI and SPY correlate at 0.46, moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.46). Stretching to 5 years gives 0.55, with an annualized covariance of 183.1 %².
By 3-year correlation, SPY places #8 of the 15 assets tracked against AWI. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 31.1 percentage points (-10.5% for AWI against +20.6% for SPY). Risk is not evenly split, since AWI carries 1.9 times the volatility of the other side.
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.
AWI vs SPY: side by side
| AWI (Armstrong World Industries Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.5% | +20.6% |
| 5-year return | +76.7% | +82.4% |
| Volatility (ann.) | 27.3% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -25.2% | -18.8% |
| Market cap | $7.4B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 0.76% | 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 | AWI | SPY |
|---|---|---|
| 2022 | -40.3% | -18.2% |
| 2023 | +45.4% | +26.2% |
| 2024 | +45.1% | +24.9% |
| 2025 | +36.2% | +17.7% |
| 2026 | -7.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AWI and SPY?
As of 2026-08-27, the correlation of weekly returns between AWI and SPY is 0.46 over 3 years, 0.30 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for AWI?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: AWI correlations · SPY correlations
