AGO vs SPY: Correlation
How closely do Assured Guaranty Ltd. (AGO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGO and SPY?
On 3 years of weekly data the AGO/SPY correlation comes out at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.35 over 3 years. The 5-year figure is 0.46, and annualized covariance runs at 107.1 %².
Among the 14 assets we track against AGO, SPY sits near the bottom by co-movement, at rank #10. The last year tells two different stories: SPY led by 26.8 percentage points, -6.2% for AGO against +20.6% for SPY.
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.
AGO vs SPY: side by side
| AGO (Assured Guaranty Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.2% | +20.6% |
| 5-year return | +64.9% | +82.4% |
| Volatility (ann.) | 21.4% | 14.5% |
| Beta vs S&P 500 | 0.51 | 1.00 |
| Max drawdown (3Y) | -22.0% | -18.8% |
| Market cap | $3.3B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 1.90% | 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 | AGO | SPY |
|---|---|---|
| 2022 | +26.2% | -18.2% |
| 2023 | +22.5% | +26.2% |
| 2024 | +22.1% | +24.9% |
| 2025 | +0.6% | +17.7% |
| 2026 | -14.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGO and SPY good diversifiers for each other?
Reasonably. At 0.35, AGO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AGO and SPY?
As of 2026-08-27, the correlation of weekly returns between AGO and SPY is 0.35 over 3 years, -0.03 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for AGO?
Reasonably. At 0.35, AGO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: AGO correlations · SPY correlations
