ASA vs SPY: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and SPY?
Across a 3-year window, the weekly returns of ASA and SPY correlate at 0.31, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.44 versus 0.31 over 3 years. Stretching to 5 years gives 0.34, with an annualized covariance of 192.4 %².
Among the 59 assets we track against ASA, SPY sits near the bottom by co-movement, at rank #55. The last year tells two different stories: ASA led by 56.4 percentage points, +77.0% for ASA against +20.6% for SPY. Risk is not evenly split, since ASA carries 2.9 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.
ASA vs SPY: side by side
| ASA (ASA Gold and Precious Metals Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +77.0% | +20.6% |
| 5-year return | +218.5% | +82.4% |
| Volatility (ann.) | 42.5% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -40.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 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 | ASA | SPY |
|---|---|---|
| 2022 | -32.1% | -18.2% |
| 2023 | +5.4% | +26.2% |
| 2024 | +34.5% | +24.9% |
| 2025 | +195.6% | +17.7% |
| 2026 | +9.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and SPY good diversifiers for each other?
Reasonably. At 0.31, ASA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASA and SPY?
As of 2026-08-27, the correlation of weekly returns between ASA and SPY is 0.31 over 3 years, 0.44 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for ASA?
Reasonably. At 0.31, ASA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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: ASA correlations · SPY correlations
