ADX vs SPY: Correlation
How closely do Adams Diversified Equity Fund Inc. (ADX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADX and SPY?
Over the past 3 years, ADX and SPY moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.72 versus 0.88 over 3 years. Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 200.4 %².
Within ADX's tracked universe of 12 assets, SPY comes in at #4 by 3-year correlation. The trailing year gives ADX the advantage: +29.5% versus +20.6%, a 8.9-point spread.
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.
ADX vs SPY: side by side
| ADX (Adams Diversified Equity Fund Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.5% | +20.6% |
| 5-year return | +88.9% | +82.4% |
| Volatility (ann.) | 15.7% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -18.3% | -18.8% |
| Market cap | $3.3B | – |
| P/E (trailing) | 5.3 | – |
| Dividend yield | 7.26% | 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 | ADX | SPY |
|---|---|---|
| 2022 | -19.8% | -18.2% |
| 2023 | +31.5% | +26.2% |
| 2024 | +28.3% | +24.9% |
| 2025 | +26.0% | +17.7% |
| 2026 | +18.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADX and SPY good diversifiers for each other?
No: a correlation of 0.88 means ADX and SPY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ADX and SPY?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.72 over the last year and 0.89 over 5 years.
Is SPY a good diversifier for ADX?
No: a correlation of 0.88 means ADX and SPY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 mean?
A reading of 0.88 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: ADX correlations · SPY correlations
