AGCO vs SPY: Correlation
AGCO Corporation (AGCO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGCO and SPY?
Across a 3-year window, the weekly returns of AGCO and SPY correlate at 0.35, moderate. The link has loosened recently: the 1-year correlation (-0.03) runs below the 3-year figure (0.35). Stretching to 5 years gives 0.43, with an annualized covariance of 166.5 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against AGCO. Correlation aside, the last 12 months split them widely, with SPY ahead by 22.2 points (-1.6% versus +20.6%). Risk is not evenly split, since AGCO carries 2.2 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.
AGCO vs SPY: side by side
| AGCO (AGCO Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.6% | +20.6% |
| 5-year return | -7.9% | +82.4% |
| Volatility (ann.) | 32.5% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -40.5% | -18.8% |
| Market cap | $7.8B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 1.05% | 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 | AGCO | SPY |
|---|---|---|
| 2022 | +25.0% | -18.2% |
| 2023 | -7.9% | +26.2% |
| 2024 | -20.3% | +24.9% |
| 2025 | +12.9% | +17.7% |
| 2026 | +7.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGCO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AGCO and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with -0.03 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for AGCO?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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: AGCO correlations · SPY correlations
