AFCG vs SPY: Correlation
How closely do Advanced Flower Capital Inc. (AFCG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFCG and SPY?
On 3 years of weekly data the AFCG/SPY correlation comes out at 0.32, moderate. Recent behaviour matches the longer record: 0.27 over 1 year against 0.32 over 3. The 5-year figure is 0.36, and annualized covariance runs at 211.4 %².
SPY is close to the least connected end of AFCG's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 47.1 percentage points (-26.5% for AFCG against +20.6% for SPY). Risk is not evenly split, since AFCG carries 3.1 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.
AFCG vs SPY: side by side
| AFCG (Advanced Flower Capital Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -26.5% | +20.6% |
| 5-year return | -55.2% | +82.4% |
| Volatility (ann.) | 45.5% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -76.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 7.25% | 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 | AFCG | SPY |
|---|---|---|
| 2022 | -21.2% | -18.2% |
| 2023 | -10.5% | +26.2% |
| 2024 | +18.7% | +24.9% |
| 2025 | -61.9% | +17.7% |
| 2026 | +25.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFCG and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AFCG and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.27 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for AFCG?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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: AFCG correlations · SPY correlations
