AEG vs SPY: Correlation
Aegon Ltd. New York Registry Shares (AEG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEG and SPY?
Over the past 3 years, AEG and SPY moved with a correlation of 0.59, which is moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.59 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 209.1 %².
Among the 10 assets we track against AEG, SPY sits near the bottom by co-movement, at rank #6. Neither side won the trailing year by much: +20.6% against +20.6%. One caveat on sizing: AEG is 1.7 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.
AEG vs SPY: side by side
| AEG (Aegon Ltd. New York Registry Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.6% | +20.6% |
| 5-year return | +132.6% | +82.4% |
| Volatility (ann.) | 24.5% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -18.4% | -18.8% |
| Market cap | $13.6B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 4.56% | 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 | AEG | SPY |
|---|---|---|
| 2022 | +6.5% | -18.2% |
| 2023 | +21.2% | +26.2% |
| 2024 | +8.4% | +24.9% |
| 2025 | +35.1% | +17.7% |
| 2026 | +22.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEG and SPY good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEG and SPY?
The AEG/SPY correlation stands at 0.59 on a 3-year window (1 year: 0.57, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AEG?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 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: AEG correlations · SPY correlations
