ALX vs SPY: Correlation
Measured on weekly returns over the past three years, Alexander's, Inc. (ALX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALX and SPY?
Across a 3-year window, the weekly returns of ALX and SPY correlate at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.35 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 133.6 %².
Out of 12 assets tracked against ALX, SPY lands near the bottom at #8. Twelve-month performance is nearly a tie, at +24.1% for ALX and +20.6% for SPY. Risk is not evenly split, since ALX carries 1.8 times the volatility of the other side.
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.
ALX vs SPY: side by side
| ALX (Alexander's, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.1% | +20.6% |
| 5-year return | +51.5% | +82.4% |
| Volatility (ann.) | 26.4% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -23.2% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 8.2 | – |
| Dividend yield | 6.62% | 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 | ALX | SPY |
|---|---|---|
| 2022 | -9.1% | -18.2% |
| 2023 | +6.4% | +26.2% |
| 2024 | +1.4% | +24.9% |
| 2025 | +18.4% | +17.7% |
| 2026 | +31.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALX and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALX and SPY?
The ALX/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.20, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ALX?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 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: ALX correlations · SPY correlations
