AYA vs SPY: Correlation
Measured on weekly returns over the past three years, Aya Gold & Silver Inc. (AYA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AYA and SPY?
Across a 3-year window, the weekly returns of AYA and SPY correlate at 0.38, moderate. The link has tightened recently: the 1-year correlation (0.56) runs above the 3-year figure (0.38). Stretching to 5 years gives 0.28, with an annualized covariance of 408.0 %².
Among the 14 assets we track against AYA, SPY ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AYA ahead by 192.0 points (+212.6% versus +20.6%). Note the risk asymmetry: AYA runs 5.1 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.
AYA vs SPY: side by side
| AYA (Aya Gold & Silver Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +212.6% | +20.6% |
| 5-year return | +267.0% | +82.4% |
| Volatility (ann.) | 73.7% | 14.5% |
| Beta vs S&P 500 | 1.95 | 1.00 |
| Max drawdown (3Y) | -56.1% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 36.2 | – |
| 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 | AYA | SPY |
|---|---|---|
| 2022 | -11.0% | -18.2% |
| 2023 | +10.4% | +26.2% |
| 2024 | +2.0% | +24.9% |
| 2025 | +92.4% | +17.7% |
| 2026 | +103.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AYA and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AYA and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.56 over the last year and 0.28 over 5 years.
Is SPY a good diversifier for AYA?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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: AYA correlations · SPY correlations
