AGI vs SPY: Correlation
Measured on weekly returns over the past three years, Alamos Gold Inc. Class A (AGI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGI and SPY?
Over the past 3 years, AGI and SPY moved with a correlation of 0.24, which is weak. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 158.8 %².
SPY is close to the least connected end of AGI's tracked universe, ranking #22 of 26. On 12-month performance AGI holds a 7.1-point edge, +27.7% against +20.6%. Note the risk asymmetry: AGI runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AGI vs SPY: side by side
| AGI (Alamos Gold Inc. Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.7% | +20.6% |
| 5-year return | +404.0% | +82.4% |
| Volatility (ann.) | 46.1% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -49.6% | -18.8% |
| Market cap | $15.9B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 0.35% | 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 | AGI | SPY |
|---|---|---|
| 2022 | +33.1% | -18.2% |
| 2023 | +34.3% | +26.2% |
| 2024 | +37.7% | +24.9% |
| 2025 | +109.6% | +17.7% |
| 2026 | -1.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGI and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AGI and SPY?
The AGI/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.33, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AGI?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agi-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agi-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AGI correlations · SPY correlations
