AFYA vs SPY: Correlation
Measured on weekly returns over the past three years, Afya Limited - Class A (AFYA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFYA and SPY?
Across a 3-year window, the weekly returns of AFYA and SPY correlate at 0.27, weak. The past 12 months show a weaker link (0.06) than the 3-year average (0.27). Stretching to 5 years gives 0.30, with an annualized covariance of 117.4 %².
Out of 10 assets tracked against AFYA, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 21.6 points (-1.0% versus +20.6%). Risk is not evenly split, since AFYA carries 2.1 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.
AFYA vs SPY: side by side
| AFYA (Afya Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.0% | +20.6% |
| 5-year return | -27.6% | +82.4% |
| Volatility (ann.) | 30.2% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -40.4% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 23.89% | 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 | AFYA | SPY |
|---|---|---|
| 2022 | -0.6% | -18.2% |
| 2023 | +40.4% | +26.2% |
| 2024 | -27.6% | +24.9% |
| 2025 | -1.7% | +17.7% |
| 2026 | -3.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFYA and SPY good diversifiers for each other?
Reasonably. At 0.27, AFYA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AFYA and SPY?
The AFYA/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.06, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AFYA?
Reasonably. At 0.27, AFYA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: AFYA correlations · SPY correlations
