SOAR vs SPY: Correlation
How closely do Volato Group, Inc. (SOAR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOAR and SPY?
On 3 years of weekly data the SOAR/SPY correlation comes out at 0.13, weak. Lately the two have drifted apart, with the 1-year correlation at -0.10 versus 0.13 over 3 years. The 5-year figure is 0.09, and annualized covariance runs at 263.1 %².
SPY is close to the least connected end of SOAR's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 107.5 percentage points, -86.9% for SOAR against +20.6% for SPY. One caveat on sizing: SOAR is 9.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SOAR vs SPY: side by side
| SOAR (Volato Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -86.9% | +20.6% |
| 5-year return | -99.9% | +82.4% |
| Volatility (ann.) | 140.6% | 14.5% |
| Beta vs S&P 500 | 1.26 | 1.00 |
| Max drawdown (3Y) | -100.0% | -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 | SOAR | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -62.9% | +26.2% |
| 2024 | -93.5% | +24.9% |
| 2025 | -88.2% | +17.7% |
| 2026 | -68.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOAR and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SOAR and SPY?
As of 2026-08-27, the correlation of weekly returns between SOAR and SPY is 0.13 over 3 years, -0.10 over 1 year and 0.09 over 5 years.
Is SPY a good diversifier for SOAR?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 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: SOAR correlations · SPY correlations
