AXG vs SPY: Correlation
Measured on weekly returns over the past three years, Solowin Holdings - Class A (AXG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXG and SPY?
Across a 3-year window, the weekly returns of AXG and SPY correlate at 0.05, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.09) than the 3-year average (0.05). Stretching to 5 years gives n/a, with an annualized covariance of 128.3 %².
Among the 11 assets we track against AXG, SPY ranks #6 by 3-year correlation. The last year tells two different stories: SPY led by 63.2 percentage points, -42.6% for AXG against +20.6% for SPY. Note the risk asymmetry: AXG runs 11.2 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.
AXG vs SPY: side by side
| AXG (Solowin Holdings - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -42.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 162.4% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -97.5% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| 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 | AXG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -44.8% | +24.9% |
| 2025 | +149.1% | +17.7% |
| 2026 | -45.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXG and SPY good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AXG and SPY?
The AXG/SPY correlation stands at 0.05 on a 3-year window (1 year: -0.09, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AXG?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
A reading of 0.05 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: AXG correlations · SPY correlations
