IAUX vs SPY: Correlation
i-80 Gold Corp. (IAUX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IAUX and SPY?
Across a 3-year window, the weekly returns of IAUX and SPY correlate at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 415.9 %².
Among the 15 assets we track against IAUX, SPY ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IAUX ahead by 131.7 points (+152.3% versus +20.6%). Note the risk asymmetry: IAUX runs 6.3 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.
IAUX vs SPY: side by side
| IAUX (i-80 Gold Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +152.3% | +20.6% |
| 5-year return | -7.4% | +82.4% |
| Volatility (ann.) | 91.2% | 14.5% |
| Beta vs S&P 500 | 1.99 | 1.00 |
| Max drawdown (3Y) | -82.6% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | – | – |
| 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 | IAUX | SPY |
|---|---|---|
| 2022 | +15.0% | -18.2% |
| 2023 | -37.6% | +26.2% |
| 2024 | -72.4% | +24.9% |
| 2025 | +201.0% | +17.7% |
| 2026 | +31.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IAUX and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IAUX and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.40 over the last year and 0.28 over 5 years.
Is SPY a good diversifier for IAUX?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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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Hubs: IAUX correlations · SPY correlations
