AFRM vs SPY: Correlation
How closely do Affirm Holdings, Inc. (AFRM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRM and SPY?
Across a 3-year window, the weekly returns of AFRM and SPY correlate at 0.53, moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.53 over 3. Stretching to 5 years gives 0.60, with an annualized covariance of 579.0 %².
Among the 17 assets we track against AFRM, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.7 points (-0.1% versus +20.6%). One caveat on sizing: AFRM is 5.2 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.
AFRM vs SPY: side by side
| AFRM (Affirm Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.1% | +20.6% |
| 5-year return | -22.2% | +82.4% |
| Volatility (ann.) | 75.0% | 14.5% |
| Beta vs S&P 500 | 2.77 | 1.00 |
| Max drawdown (3Y) | -55.9% | -18.8% |
| Market cap | $26.0B | – |
| P/E (trailing) | 69.2 | – |
| Dividend yield | 0.00% | 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 | AFRM | SPY |
|---|---|---|
| 2022 | -90.4% | -18.2% |
| 2023 | +408.2% | +26.2% |
| 2024 | +23.9% | +24.9% |
| 2025 | +22.2% | +17.7% |
| 2026 | +4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRM and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AFRM and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.55 over the last year and 0.60 over 5 years.
Is SPY a good diversifier for AFRM?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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: AFRM correlations · SPY correlations
