ALL vs SPY: Correlation
How closely do Allstate (ALL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALL and SPY?
Across a 3-year window, the weekly returns of ALL and SPY correlate at 0.20, weak. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.20). Stretching to 5 years gives 0.29, with an annualized covariance of 65.0 %².
Among the 32 assets we track against ALL, SPY ranks #21 by 3-year correlation. Over the last 12 months ALL came out ahead by 8.3 percentage points (+28.9% against +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.07 and 0.55 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: ALL runs 1.5 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.
ALL vs SPY: side by side
| ALL (Allstate) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.9% | +20.6% |
| 5-year return | +114.7% | +82.4% |
| Volatility (ann.) | 22.1% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -14.1% | -18.8% |
| Market cap | $65.1B | – |
| P/E (trailing) | 5.2 | – |
| Dividend yield | 1.59% | 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 | ALL | SPY |
|---|---|---|
| 2022 | +18.4% | -18.2% |
| 2023 | +6.4% | +26.2% |
| 2024 | +40.6% | +24.9% |
| 2025 | +10.1% | +17.7% |
| 2026 | +25.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ALL represents 0.1% of SPY's portfolio, so part of any move in SPY is ALL itself, and the correlation between them is partly mechanical.
Are ALL and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALL and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with -0.05 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for ALL?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ALL correlations · SPY correlations
