AWF vs SPY: Correlation
Measured on weekly returns over the past three years, Alliancebernstein Global High Income Fund (AWF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and SPY?
Across a 3-year window, the weekly returns of AWF and SPY correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 88.1 %².
Within AWF's tracked universe of 18 assets, SPY comes in at #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 23.2 points (-2.6% versus +20.6%).
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.
AWF vs SPY: side by side
| AWF (Alliancebernstein Global High Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.6% | +20.6% |
| 5-year return | +21.4% | +82.4% |
| Volatility (ann.) | 9.7% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -11.1% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 7.26% | 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 | AWF | SPY |
|---|---|---|
| 2022 | -16.6% | -18.2% |
| 2023 | +18.4% | +26.2% |
| 2024 | +14.4% | +24.9% |
| 2025 | +7.6% | +17.7% |
| 2026 | -0.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and SPY good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AWF and SPY?
As of 2026-08-27, the correlation of weekly returns between AWF and SPY is 0.63 over 3 years, 0.65 over 1 year and 0.65 over 5 years.
Is SPY a good diversifier for AWF?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 mean?
A reading of 0.63 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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Related comparisons
Hubs: AWF correlations · SPY correlations
