AEM vs SPY: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and SPY?
On 3 years of weekly data the AEM/SPY correlation comes out at 0.25, weak. The link has tightened recently: the 1-year correlation (0.38) runs above the 3-year figure (0.25). The 5-year figure is 0.27, and annualized covariance runs at 146.0 %².
Among the 36 assets we track against AEM, SPY sits near the bottom by co-movement, at rank #32. The last year tells two different stories: AEM led by 35.3 percentage points, +55.9% for AEM against +20.6% for SPY. Risk is not evenly split, since AEM carries 2.8 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.
AEM vs SPY: side by side
| AEM (Agnico Eagle Mines Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.9% | +20.6% |
| 5-year return | +323.8% | +82.4% |
| Volatility (ann.) | 40.9% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -45.8% | -18.8% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | 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 | AEM | SPY |
|---|---|---|
| 2022 | +1.1% | -18.2% |
| 2023 | +9.0% | +26.2% |
| 2024 | +46.0% | +24.9% |
| 2025 | +119.5% | +17.7% |
| 2026 | +27.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and SPY good diversifiers for each other?
Reasonably. At 0.25, AEM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AEM and SPY?
As of 2026-08-27, the correlation of weekly returns between AEM and SPY is 0.25 over 3 years, 0.38 over 1 year and 0.27 over 5 years.
Is SPY a good diversifier for AEM?
Reasonably. At 0.25, AEM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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: AEM correlations · SPY correlations
