AGX vs SPY: Correlation
Argan, Inc. (AGX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGX and SPY?
Across a 3-year window, the weekly returns of AGX and SPY correlate at 0.24, weak. The past 12 months show a weaker link (0.05) than the 3-year average (0.24). Stretching to 5 years gives 0.26, with an annualized covariance of 192.1 %².
Among the 11 assets we track against AGX, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AGX ahead by 83.1 points (+103.7% versus +20.6%). Note the risk asymmetry: AGX runs 3.9 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.
AGX vs SPY: side by side
| AGX (Argan, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +103.7% | +20.6% |
| 5-year return | +1008.1% | +82.4% |
| Volatility (ann.) | 55.9% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -43.7% | -18.8% |
| Market cap | $6.4B | – |
| P/E (trailing) | 40.4 | – |
| Dividend yield | 0.41% | 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 | AGX | SPY |
|---|---|---|
| 2022 | -2.0% | -18.2% |
| 2023 | +30.2% | +26.2% |
| 2024 | +198.3% | +24.9% |
| 2025 | +130.6% | +17.7% |
| 2026 | +47.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGX and SPY good diversifiers for each other?
Reasonably. At 0.24, AGX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AGX and SPY?
The AGX/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.05, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AGX?
Reasonably. At 0.24, AGX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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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Hubs: AGX correlations · SPY correlations
