AU vs SPY: Correlation
How closely do AngloGold Ashanti PLC (AU) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AU and SPY?
On 3 years of weekly data the AU/SPY correlation comes out at 0.24, weak. The link has tightened recently: the 1-year correlation (0.36) runs above the 3-year figure (0.24). The 5-year figure is 0.26, and annualized covariance runs at 192.9 %².
Out of 13 assets tracked against AU, SPY lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with AU ahead by 103.2 points (+123.8% versus +20.6%). One caveat on sizing: AU is 3.9 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.
AU vs SPY: side by side
| AU (AngloGold Ashanti PLC) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +123.8% | +20.6% |
| 5-year return | +725.4% | +82.4% |
| Volatility (ann.) | 56.7% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -39.9% | -18.8% |
| Market cap | $59.9B | – |
| P/E (trailing) | 15.8 | – |
| Dividend yield | 3.83% | 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 | AU | SPY |
|---|---|---|
| 2022 | -5.1% | -18.2% |
| 2023 | -2.7% | +26.2% |
| 2024 | +26.5% | +24.9% |
| 2025 | +288.2% | +17.7% |
| 2026 | +43.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AU and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AU and SPY?
As of 2026-08-27, the correlation of weekly returns between AU and SPY is 0.24 over 3 years, 0.36 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for AU?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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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Related comparisons
Hubs: AU correlations · SPY correlations
