AEHR vs. SPY

Last updated Jun 24, 2026

AEHR (Aehr Test Systems) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, AEHR returned 50.48%/yr vs 15.53%/yr for SPY. At a 0.23 correlation, their price movements are largely independent.

Performance

AEHR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aehr Test Systems (AEHR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEHR achieves a 407.13% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, AEHR has outperformed SPY with an annualized return of 50.48%, while SPY has yielded a comparatively lower 15.53% annualized return.

AEHR

• 1D: -9.65%
• 1M: 7.76%
• YTD: 407.13%
• 6M: 349.67%
• 1Y: 810.13%
• 3Y*: 36.85%
• 5Y*: 107.37%
• 10Y*: 50.48%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AEHR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEHR Aehr Test Systems	407.13%	21.41%	-37.32%	31.99%	-16.87%	855.73%	26.50%	41.84%	-47.97%	12.45%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between AEHR and SPY is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 15, 1997	0.23

Over the past year, AEHR and SPY have become more correlated (0.58) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

AEHR vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AEHR

AEHR Risk / Return Rank: 98
AEHR Sharpe Ratio Rank: 99
AEHR Sortino Ratio Rank: 96
AEHR Omega Ratio Rank: 94
AEHR Calmar Ratio Rank: 99
AEHR Martin Ratio Rank: 99

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AEHR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aehr Test Systems (AEHR) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AEHR	SPY	Difference
Sharpe ratio: Return per unit of total volatility	6.84	1.90	+4.94
Sortino ratio: Return per unit of downside risk	4.38	2.58	+1.80
Omega ratio: Gain probability vs. loss probability	1.51	1.34	+0.17
Calmar ratio: Return relative to maximum drawdown	19.34	2.67	+16.67
Martin ratio: Return relative to average drawdown	43.44	11.92	+31.52

AEHR vs. SPY - Sharpe Ratio Comparison

The current AEHR Sharpe Ratio is 6.84, which is higher than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of AEHR and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AEHR vs. SPY - Drawdown Comparison

The maximum AEHR drawdown since its inception was -97.98%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AEHR and SPY.

Drawdown Indicators

	AEHR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-97.98%	-55.19%	-42.79%
Max Drawdown (1Y) Largest decline over 1 year	-42.31%	-8.88%	-33.43%
Max Drawdown (3Y) Largest decline over 3 years	-87.37%	-18.76%	-68.61%
Max Drawdown (5Y) Largest decline over 5 years	-87.37%	-24.50%	-62.87%
Max Drawdown (10Y) Largest decline over 10 years	-87.37%	-33.72%	-53.65%
Current Drawdown Current decline from peak	-12.17%	-3.17%	-9.00%
Average Drawdown Average peak-to-trough decline	-79.53%	-9.04%	-70.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.80%	1.98%	+16.82%

Volatility

AEHR vs. SPY - Volatility Comparison

Aehr Test Systems (AEHR) has a higher volatility of 38.64% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that AEHR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEHR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.64%	4.87%	+33.77%
Volatility (6M) Calculated over the trailing 6-month period	88.90%	9.85%	+79.05%
Volatility (1Y) Calculated over the trailing 1-year period	119.59%	12.50%	+107.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.16%	17.15%	+93.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.02%	17.95%	+76.07%

Dividends

AEHR vs. SPY - Dividend Comparison

AEHR has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEHR Aehr Test Systems	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AEHR and SPY in my portfolio?

AEHR and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AEHR or SPY?

AEHR has higher volatility (38.64%) compared to SPY (4.87%). In terms of maximum drawdown, AEHR dropped -97.98% vs SPY's -55.19%.

Which has better risk-adjusted returns?

AEHR currently has the higher Sharpe Ratio (6.84 vs 1.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.