AXS vs SPY: Correlation
How closely do Axis Capital Holdings Limited (AXS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and SPY?
On 3 years of weekly data the AXS/SPY correlation comes out at 0.19, weak. The link has loosened recently: the 1-year correlation (-0.10) runs below the 3-year figure (0.19). The 5-year figure is 0.31, and annualized covariance runs at 61.8 %².
Among the 23 assets we track against AXS, SPY sits near the bottom by co-movement, at rank #19. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.1 percentage points (+1.5% for AXS against +20.6% for SPY). Note the risk asymmetry: AXS runs 1.6 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.
AXS vs SPY: side by side
| AXS (Axis Capital Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.5% | +20.6% |
| 5-year return | +118.2% | +82.4% |
| Volatility (ann.) | 23.0% | 14.5% |
| Beta vs S&P 500 | 0.30 | 1.00 |
| Max drawdown (3Y) | -17.4% | -18.8% |
| Market cap | $7.2B | – |
| P/E (trailing) | 7.1 | – |
| Dividend yield | 1.76% | 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 | AXS | SPY |
|---|---|---|
| 2022 | +2.6% | -18.2% |
| 2023 | +5.6% | +26.2% |
| 2024 | +63.9% | +24.9% |
| 2025 | +21.9% | +17.7% |
| 2026 | -6.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between AXS and SPY?
As of 2026-08-27, the correlation of weekly returns between AXS and SPY is 0.19 over 3 years, -0.10 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for AXS?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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: AXS correlations · SPY correlations
