ASO vs. SPY

Last updated Jun 24, 2026

ASO (Academy Sports and Outdoors, Inc.) 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 5 years, ASO returned 4.04%/yr vs 13.05%/yr for SPY. At a 0.44 correlation, their price movements are largely independent.

Performance

ASO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Academy Sports and Outdoors, Inc. (ASO) 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, ASO achieves a 0.06% return, which is significantly lower than SPY's 8.15% return.

ASO

• 1D: -4.20%
• 1M: -5.08%
• YTD: 0.06%
• 6M: -0.14%
• 1Y: 14.17%
• 3Y*: 0.88%
• 5Y*: 4.04%
• 10Y*: —

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)

ASO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ASO Academy Sports and Outdoors, Inc.	0.06%	-12.23%	-12.18%	26.44%	20.55%	111.77%	71.32%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	11.40%

Correlation

The correlation between ASO and SPY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 2, 2020	0.44

The correlation between ASO and SPY shifts across timeframes, from 0.35 (1 year) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ASO vs. SPY — Risk / Return Rank

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

ASO

ASO Risk / Return Rank: 53
ASO Sharpe Ratio Rank: 55
ASO Sortino Ratio Rank: 50
ASO Omega Ratio Rank: 48
ASO Calmar Ratio Rank: 55
ASO Martin Ratio Rank: 56

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.

ASO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Academy Sports and Outdoors, Inc. (ASO) 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.

	ASO	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.90	-1.57
Sortino ratio: Return per unit of downside risk	0.78	2.58	-1.81
Omega ratio: Gain probability vs. loss probability	1.09	1.34	-0.26
Calmar ratio: Return relative to maximum drawdown	0.54	2.67	-2.13
Martin ratio: Return relative to average drawdown	1.27	11.92	-10.65

ASO vs. SPY - Sharpe Ratio Comparison

The current ASO Sharpe Ratio is 0.33, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of ASO 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

ASO vs. SPY - Drawdown Comparison

The maximum ASO drawdown since its inception was -54.17%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ASO and SPY.

Drawdown Indicators

	ASO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-54.17%	-55.19%	+1.02%
Max Drawdown (1Y) Largest decline over 1 year	-26.42%	-8.88%	-17.54%
Max Drawdown (3Y) Largest decline over 3 years	-54.17%	-18.76%	-35.41%
Max Drawdown (5Y) Largest decline over 5 years	-54.17%	-24.50%	-29.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-32.27%	-3.17%	-29.10%
Average Drawdown Average peak-to-trough decline	-19.31%	-9.04%	-10.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.19%	1.98%	+9.21%

Volatility

ASO vs. SPY - Volatility Comparison

Academy Sports and Outdoors, Inc. (ASO) has a higher volatility of 13.25% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that ASO'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

	ASO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.25%	4.87%	+8.38%
Volatility (6M) Calculated over the trailing 6-month period	30.21%	9.85%	+20.36%
Volatility (1Y) Calculated over the trailing 1-year period	42.94%	12.50%	+30.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.21%	17.15%	+29.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.95%	17.95%	+29.00%

Dividends

ASO vs. SPY - Dividend Comparison

ASO's dividend yield for the trailing twelve months is around 1.13%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASO Academy Sports and Outdoors, Inc.	1.13%	1.04%	0.76%	0.55%	0.57%	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 ASO and SPY in my portfolio?

ASO and SPY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASO or SPY?

ASO has higher volatility (13.25%) compared to SPY (4.87%). In terms of maximum drawdown, ASO dropped -54.17% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 0.33), 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.