AX vs SPY: Correlation
How closely do Axos Financial, Inc. (AX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AX and SPY?
Across a 3-year window, the weekly returns of AX and SPY correlate at 0.42, moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.42). Stretching to 5 years gives 0.51, with an annualized covariance of 233.9 %².
Within AX's tracked universe of 15 assets, SPY comes in at #9 by 3-year correlation. The last year tells two different stories: SPY led by 15.1 percentage points, +5.5% for AX against +20.6% for SPY. Note the risk asymmetry: AX runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AX vs SPY: side by side
| AX (Axos Financial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.5% | +20.6% |
| 5-year return | +99.7% | +82.4% |
| Volatility (ann.) | 38.3% | 14.5% |
| Beta vs S&P 500 | 1.12 | 1.00 |
| Max drawdown (3Y) | -34.9% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 0.00% | 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 | AX | SPY |
|---|---|---|
| 2022 | -31.6% | -18.2% |
| 2023 | +42.9% | +26.2% |
| 2024 | +27.9% | +24.9% |
| 2025 | +23.4% | +17.7% |
| 2026 | +13.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AX and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AX and SPY?
As of 2026-08-27, the correlation of weekly returns between AX and SPY is 0.42 over 3 years, 0.26 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for AX?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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: AX correlations · SPY correlations
