ADI vs SPY: Correlation
Analog Devices (ADI) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADI and SPY?
Over the past 3 years, ADI and SPY moved with a correlation of 0.69, which is strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 326.1 %².
Within ADI's tracked universe of 51 assets, SPY comes in at #14 by 3-year correlation. The last year tells two different stories: ADI led by 28.0 percentage points, +48.6% for ADI against +20.6% for SPY. The rolling one-year correlation stayed in a tight band between 0.56 and 0.79 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: ADI is 2.2 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.
ADI vs SPY: side by side
| ADI (Analog Devices) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +48.6% | +20.6% |
| 5-year return | +143.1% | +82.4% |
| Volatility (ann.) | 32.6% | 14.5% |
| Beta vs S&P 500 | 1.56 | 1.00 |
| Max drawdown (3Y) | -32.2% | -18.8% |
| Market cap | $181.5B | – |
| P/E (trailing) | 44.6 | – |
| Dividend yield | 1.15% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | ADI | SPY |
|---|---|---|
| 2022 | -4.9% | -18.2% |
| 2023 | +23.4% | +26.2% |
| 2024 | +8.8% | +24.9% |
| 2025 | +29.8% | +17.7% |
| 2026 | +38.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds ADI at a 0.27% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ADI and SPY good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ADI and SPY?
As of 2026-08-27, the correlation of weekly returns between ADI and SPY is 0.69 over 3 years, 0.65 over 1 year and 0.69 over 5 years.
Is SPY a good diversifier for ADI?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ADI correlations · SPY correlations
