AFL vs SPY: Correlation
How closely do Aflac (AFL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFL and SPY?
On 3 years of weekly data the AFL/SPY correlation comes out at 0.27, weak. The past 12 months show a weaker link (-0.03) than the 3-year average (0.27). The 5-year figure is 0.46, and annualized covariance runs at 74.8 %².
By 3-year correlation, SPY places #21 of the 32 assets tracked against AFL. On 12-month performance SPY holds a 9.8-point edge, +10.8% against +20.6%. This link changes with the market regime, having swung between -0.07 and 0.51 on a rolling one-year basis.
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.
AFL vs SPY: side by side
| AFL (Aflac) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.8% | +20.6% |
| 5-year return | +131.3% | +82.4% |
| Volatility (ann.) | 19.2% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -13.6% | -18.8% |
| Market cap | $58.4B | – |
| P/E (trailing) | 12.6 | – |
| Dividend yield | 2.03% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | AFL | SPY |
|---|---|---|
| 2022 | +26.4% | -18.2% |
| 2023 | +17.4% | +26.2% |
| 2024 | +28.1% | +24.9% |
| 2025 | +8.9% | +17.7% |
| 2026 | +7.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AFL represents 0.08% of SPY's portfolio, so part of any move in SPY is AFL itself, and the correlation between them is partly mechanical.
Are AFL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AFL and SPY?
As of 2026-08-27, the correlation of weekly returns between AFL and SPY is 0.27 over 3 years, -0.03 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for AFL?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: AFL correlations · SPY correlations
