AGRO vs SPY: Correlation
How closely do Adecoagro S.A. (AGRO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGRO and SPY?
Across a 3-year window, the weekly returns of AGRO and SPY correlate at -0.09, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.22) runs below the 3-year figure (-0.09). Stretching to 5 years gives 0.06, with an annualized covariance of -56.1 %².
By 3-year correlation, SPY places #6 of the 36 assets tracked against AGRO. On 12-month performance AGRO holds a 7.5-point edge, +28.1% against +20.6%. Note the risk asymmetry: AGRO runs 2.9 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 SPY: side by side
| AGRO (Adecoagro S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.1% | +20.6% |
| 5-year return | +29.1% | +82.4% |
| Volatility (ann.) | 41.7% | 14.5% |
| Beta vs S&P 500 | -0.27 | 1.00 |
| Max drawdown (3Y) | -41.3% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 28.9 | – |
| Dividend yield | 0.00% | 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 | AGRO | SPY |
|---|---|---|
| 2022 | +11.5% | -18.2% |
| 2023 | +38.6% | +26.2% |
| 2024 | -12.4% | +24.9% |
| 2025 | -14.3% | +17.7% |
| 2026 | +36.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGRO and SPY good diversifiers for each other?
Yes. With a correlation of -0.09, AGRO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AGRO and SPY?
As of 2026-08-27, the correlation of weekly returns between AGRO and SPY is -0.09 over 3 years, -0.22 over 1 year and 0.06 over 5 years.
Is SPY a good diversifier for AGRO?
Yes. With a correlation of -0.09, AGRO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.09 mean?
A reading of -0.09 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: AGRO correlations · SPY correlations
