AXP vs SPY: Correlation
Measured on weekly returns over the past three years, American Express (AXP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXP and SPY?
Over the past 3 years, AXP and SPY moved with a correlation of 0.65, which is strong. The link has loosened recently: the 1-year correlation (0.50) runs below the 3-year figure (0.65). Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 251.2 %².
By 3-year correlation, SPY places #16 of the 35 assets tracked against AXP. The last year tells two different stories: SPY led by 15.9 percentage points, +4.7% for AXP against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.43 and 0.86, a moderate band. One caveat on sizing: AXP is 1.8 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.
AXP vs SPY: side by side
| AXP (American Express) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.7% | +20.6% |
| 5-year return | +116.2% | +82.4% |
| Volatility (ann.) | 26.6% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -28.8% | -18.8% |
| Market cap | $225.7B | – |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 1.05% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | AXP | SPY |
|---|---|---|
| 2022 | -8.5% | -18.2% |
| 2023 | +28.7% | +26.2% |
| 2024 | +60.3% | +24.9% |
| 2025 | +26.0% | +17.7% |
| 2026 | -8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds AXP at a 0.27% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AXP and SPY good diversifiers for each other?
Only partially. A correlation of 0.65 means AXP and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AXP and SPY?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.50 over the last year and 0.67 over 5 years.
Is SPY a good diversifier for AXP?
Only partially. A correlation of 0.65 means AXP and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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: AXP correlations · SPY correlations
