FAX vs SPY: Correlation
How closely do abrdn Asia-Pacific Income Fund, Inc. (FAX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAX and SPY?
On 3 years of weekly data the FAX/SPY correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.41 over 3. The 5-year figure is 0.39, and annualized covariance runs at 84.2 %².
Out of 10 assets tracked against FAX, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.3 points (+2.3% versus +20.6%).
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.
FAX vs SPY: side by side
| FAX (abrdn Asia-Pacific Income Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.3% | +20.6% |
| 5-year return | +5.2% | +82.4% |
| Volatility (ann.) | 14.2% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -13.2% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 13.58% | 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 | FAX | SPY |
|---|---|---|
| 2022 | -22.7% | -18.2% |
| 2023 | +16.8% | +26.2% |
| 2024 | +2.5% | +24.9% |
| 2025 | +18.2% | +17.7% |
| 2026 | +3.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FAX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FAX and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.48 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for FAX?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: FAX correlations · SPY correlations
