AIG vs SPY: Correlation
How closely do American International Group (AIG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIG and SPY?
Across a 3-year window, the weekly returns of AIG and SPY correlate at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.33). Stretching to 5 years gives 0.48, with an annualized covariance of 96.2 %².
By 3-year correlation, SPY places #16 of the 28 assets tracked against AIG. The last year tells two different stories: SPY led by 25.2 percentage points, -4.6% for AIG against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.09 and 0.52, a moderate band.
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.
AIG vs SPY: side by side
| AIG (American International Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.6% | +20.6% |
| 5-year return | +58.9% | +82.4% |
| Volatility (ann.) | 20.1% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -17.0% | -18.8% |
| Market cap | $40.1B | – |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 2.40% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | AIG | SPY |
|---|---|---|
| 2022 | +13.8% | -18.2% |
| 2023 | +9.8% | +26.2% |
| 2024 | +9.8% | +24.9% |
| 2025 | +20.0% | +17.7% |
| 2026 | -9.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AIG represents 0.06% of SPY's portfolio, so part of any move in SPY is AIG itself, and the correlation between them is partly mechanical.
Are AIG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AIG and SPY?
The AIG/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.09, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AIG?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: AIG correlations · SPY correlations
