ANDE vs SPY: Correlation
Measured on weekly returns over the past three years, The Andersons, Inc. (ANDE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANDE and SPY?
Across a 3-year window, the weekly returns of ANDE and SPY correlate at 0.11, weak. The past 12 months show a weaker link (-0.29) than the 3-year average (0.11). Stretching to 5 years gives 0.21, with an annualized covariance of 54.0 %².
Among the 14 assets we track against ANDE, SPY ranks #9 by 3-year correlation. The last year tells two different stories: ANDE led by 38.3 percentage points, +58.9% for ANDE against +20.6% for SPY. One caveat on sizing: ANDE is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ANDE vs SPY: side by side
| ANDE (The Andersons, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +58.9% | +20.6% |
| 5-year return | +128.7% | +82.4% |
| Volatility (ann.) | 33.1% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -46.9% | -18.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 12.6 | – |
| Dividend yield | 1.21% | 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 | ANDE | SPY |
|---|---|---|
| 2022 | -7.8% | -18.2% |
| 2023 | +67.0% | +26.2% |
| 2024 | -28.8% | +24.9% |
| 2025 | +33.8% | +17.7% |
| 2026 | +21.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANDE and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, ANDE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ANDE and SPY?
As of 2026-08-27, the correlation of weekly returns between ANDE and SPY is 0.11 over 3 years, -0.29 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for ANDE?
Yes. With a correlation of 0.11, ANDE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
A reading of 0.11 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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Hubs: ANDE correlations · SPY correlations
