AGRO vs DJP: Correlation
Measured on weekly returns over the past three years, Adecoagro S.A. (AGRO) and iPath Bloomberg Commodity Index Total Return ETN (DJP) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGRO and DJP?
On 3 years of weekly data the AGRO/DJP correlation comes out at 0.39, moderate. The past 12 months show a tighter link (0.51) than the 3-year average (0.39). The 5-year figure is 0.41, and annualized covariance runs at 267.1 %².
By 3-year correlation, DJP places #4 of the 36 assets tracked against AGRO. The last year tells two different stories: DJP led by 21.1 percentage points, +28.1% for AGRO against +49.2% for DJP. Note the risk asymmetry: AGRO runs 2.6 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.
AGRO vs DJP: side by side
| AGRO (Adecoagro S.A.) | DJP (iPath Bloomberg Commodity Index Total Return ETN) | |
|---|---|---|
| 1-year return | +28.1% | +49.2% |
| 5-year return | +29.1% | +82.1% |
| Volatility (ann.) | 41.7% | 16.3% |
| Beta vs S&P 500 | -0.27 | 0.11 |
| Max drawdown (3Y) | -41.3% | -16.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | 28.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGRO | DJP |
|---|---|---|
| 2022 | +11.5% | +17.5% |
| 2023 | +38.6% | -9.8% |
| 2024 | -12.4% | +5.6% |
| 2025 | -14.3% | +17.2% |
| 2026 | +36.0% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGRO and DJP good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AGRO and DJP?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.51 over the last year and 0.41 over 5 years.
Is DJP a good diversifier for AGRO?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 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/agro-vs-djp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agro-vs-djp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AGRO correlations · DJP correlations
