AGM vs SPY: Correlation
Measured on weekly returns over the past three years, Federal Agricultural Mortgage Corporation (AGM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGM and SPY?
Over the past 3 years, AGM and SPY moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 177.3 %².
Within AGM's tracked universe of 16 assets, SPY comes in at #11 by 3-year correlation. On 12-month performance SPY holds a 9.2-point edge, +11.4% against +20.6%. Risk is not evenly split, since AGM 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.
AGM vs SPY: side by side
| AGM (Federal Agricultural Mortgage Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.4% | +20.6% |
| 5-year return | +167.7% | +82.4% |
| Volatility (ann.) | 30.2% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 2.84% | 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 | AGM | SPY |
|---|---|---|
| 2022 | -5.8% | -18.2% |
| 2023 | +74.6% | +26.2% |
| 2024 | +6.1% | +24.9% |
| 2025 | -8.0% | +17.7% |
| 2026 | +29.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AGM and SPY?
The AGM/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.22, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AGM?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: AGM correlations · SPY correlations
