AFG vs SPY: Correlation
How closely do American Financial Group, Inc. (AFG) 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 AFG and SPY?
Over the past 3 years, AFG and SPY moved with a correlation of 0.32, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.32 over 3 years. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 90.7 %².
Out of 19 assets tracked against AFG, SPY lands near the bottom at #15. The trailing year gives SPY the advantage: +10.4% versus +20.6%, a 10.2-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.
AFG vs SPY: side by side
| AFG (American Financial Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.4% | +20.6% |
| 5-year return | +56.7% | +82.4% |
| Volatility (ann.) | 19.5% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -19.8% | -18.8% |
| Market cap | $11.8B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.43% | 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 | AFG | SPY |
|---|---|---|
| 2022 | +10.9% | -18.2% |
| 2023 | -7.6% | +26.2% |
| 2024 | +23.8% | +24.9% |
| 2025 | +5.4% | +17.7% |
| 2026 | +7.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFG 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 AFG and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.08 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for AFG?
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?
On the −1 to +1 scale, 0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AFG correlations · SPY correlations
