AWRE vs SPY: Correlation
How closely do Aware, Inc. (AWRE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWRE and SPY?
Across a 3-year window, the weekly returns of AWRE and SPY correlate at 0.34, moderate. The link has tightened recently: the 1-year correlation (0.49) runs above the 3-year figure (0.34). Stretching to 5 years gives 0.34, with an annualized covariance of 326.4 %².
Among the 11 assets we track against AWRE, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 65.4 percentage points (-44.8% for AWRE against +20.6% for SPY). Note the risk asymmetry: AWRE runs 4.5 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.
AWRE vs SPY: side by side
| AWRE (Aware, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -44.8% | +20.6% |
| 5-year return | -69.6% | +82.4% |
| Volatility (ann.) | 65.6% | 14.5% |
| Beta vs S&P 500 | 1.56 | 1.00 |
| Max drawdown (3Y) | -62.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | AWRE | SPY |
|---|---|---|
| 2022 | -45.7% | -18.2% |
| 2023 | -2.9% | +26.2% |
| 2024 | +17.5% | +24.9% |
| 2025 | -5.1% | +17.7% |
| 2026 | -33.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWRE and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AWRE and SPY?
As of 2026-08-27, the correlation of weekly returns between AWRE and SPY is 0.34 over 3 years, 0.49 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for AWRE?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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: AWRE correlations · SPY correlations
