AG vs SPY: Correlation
How closely do First Majestic Silver Corp. (AG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and SPY?
Over the past 3 years, AG and SPY moved with a correlation of 0.30, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.40 versus 0.30 over 3 years. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 303.0 %².
SPY is close to the least connected end of AG's tracked universe, ranking #23 of 27. The last year tells two different stories: AG led by 119.3 percentage points, +139.9% for AG against +20.6% for SPY. Risk is not evenly split, since AG carries 4.8 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.
AG vs SPY: side by side
| AG (First Majestic Silver Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +139.9% | +20.6% |
| 5-year return | +74.1% | +82.4% |
| Volatility (ann.) | 70.1% | 14.5% |
| Beta vs S&P 500 | 1.45 | 1.00 |
| Max drawdown (3Y) | -53.0% | -18.8% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | 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 | AG | SPY |
|---|---|---|
| 2022 | -24.7% | -18.2% |
| 2023 | -26.0% | +26.2% |
| 2024 | -10.5% | +24.9% |
| 2025 | +204.1% | +17.7% |
| 2026 | +30.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and SPY good diversifiers for each other?
Reasonably. At 0.30, AG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AG and SPY?
The AG/SPY correlation stands at 0.30 on a 3-year window (1 year: 0.40, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AG?
Reasonably. At 0.30, AG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ag-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ag-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AG correlations · SPY correlations
