IAF vs SPY: Correlation
abrdn Australia Equity Fund, Inc. (IAF) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IAF and SPY?
Across a 3-year window, the weekly returns of IAF and SPY correlate at 0.69, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.69 over 3. Stretching to 5 years gives 0.66, with an annualized covariance of 184.4 %².
Among the 14 assets we track against IAF, SPY ranks #6 by 3-year correlation. Over the last 12 months SPY came out ahead by 11.6 percentage points (+9.0% against +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.
IAF vs SPY: side by side
| IAF (abrdn Australia Equity Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.0% | +20.6% |
| 5-year return | +23.6% | +82.4% |
| Volatility (ann.) | 18.6% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -23.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 10.76% | 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 | IAF | SPY |
|---|---|---|
| 2022 | -19.4% | -18.2% |
| 2023 | +10.4% | +26.2% |
| 2024 | +8.2% | +24.9% |
| 2025 | +14.9% | +17.7% |
| 2026 | +12.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IAF and SPY good diversifiers for each other?
Only partially. A correlation of 0.69 means IAF 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 IAF and SPY?
As of 2026-08-27, the correlation of weekly returns between IAF and SPY is 0.69 over 3 years, 0.66 over 1 year and 0.66 over 5 years.
Is SPY a good diversifier for IAF?
Only partially. A correlation of 0.69 means IAF 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 0.69 mean?
On the −1 to +1 scale, 0.69 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: IAF correlations · SPY correlations
