ADM vs SPY: Correlation
Measured on weekly returns over the past three years, Archer Daniels Midland (ADM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADM and SPY?
Across a 3-year window, the weekly returns of ADM and SPY correlate at 0.12, weak. The link has loosened recently: the 1-year correlation (-0.16) runs below the 3-year figure (0.12). Stretching to 5 years gives 0.23, with an annualized covariance of 50.5 %².
By 3-year correlation, SPY places #19 of the 33 assets tracked against ADM. The trailing year gives ADM the advantage: +29.8% versus +20.6%, a 9.2-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.16 and 0.45 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: ADM runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ADM vs SPY: side by side
| ADM (Archer Daniels Midland) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.8% | +20.6% |
| 5-year return | +51.7% | +82.4% |
| Volatility (ann.) | 29.9% | 14.5% |
| Beta vs S&P 500 | 0.24 | 1.00 |
| Max drawdown (3Y) | -46.0% | -18.8% |
| Market cap | $38.1B | – |
| P/E (trailing) | 21.9 | – |
| Dividend yield | 2.57% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | ADM | SPY |
|---|---|---|
| 2022 | +40.0% | -18.2% |
| 2023 | -20.4% | +26.2% |
| 2024 | -27.5% | +24.9% |
| 2025 | +18.2% | +17.7% |
| 2026 | +40.4% | +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 ADM at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ADM and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between ADM and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.16 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for ADM?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ADM correlations · SPY correlations
