Folding AKs pre-flop

[KenProspero]

I think this is right, but would love comments.

Three left -- Blinds are 150/300 ante 50.

Hero +/- 2300
SB 650
BB +/- 12000

Hero (with the button) dealt A [img]/images/graemlins/diamond.gif[/img]K [img]/images/graemlins/diamond.gif[/img]

Hero raises 300 (to put SB all in if he calls)
SB folds
BB raises 1500 (to 2100)

Hero folds.

The question -- given relative chip stack, is the fold correct. My thought at the time, was that given my stack size, even doubling up doesn't give me enough of a chance at first to compensate for the possibility of finishing third rather than second.

Is my logic correct?