ADV vs SPY: Correlation
How closely do Advantage Solutions Inc. (ADV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADV and SPY?
Across a 3-year window, the weekly returns of ADV and SPY correlate at 0.19, weak. Lately the two have drifted apart, with the 1-year correlation at -0.09 versus 0.19 over 3 years. Stretching to 5 years gives 0.26, with an annualized covariance of 222.3 %².
Among the 11 assets we track against ADV, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 47.9 percentage points (-27.3% for ADV against +20.6% for SPY). Risk is not evenly split, since ADV carries 5.7 times the volatility of the other side.
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.
ADV vs SPY: side by side
| ADV (Advantage Solutions Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -27.3% | +20.6% |
| 5-year return | -84.9% | +82.4% |
| Volatility (ann.) | 82.5% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -89.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | 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 | ADV | SPY |
|---|---|---|
| 2022 | -74.1% | -18.2% |
| 2023 | +74.0% | +26.2% |
| 2024 | -19.3% | +24.9% |
| 2025 | -69.9% | +17.7% |
| 2026 | +52.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADV and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ADV and SPY?
The ADV/SPY correlation stands at 0.19 on a 3-year window (1 year: -0.09, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ADV?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ADV correlations · SPY correlations
