IFN vs SPY: Correlation
Measured on weekly returns over the past three years, Aberdeen India Fund, Inc. (IFN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFN and SPY?
Across a 3-year window, the weekly returns of IFN and SPY correlate at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 155.2 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against IFN. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 34.6 percentage points (-14.0% for IFN against +20.6% for SPY).
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.
IFN vs SPY: side by side
| IFN (Aberdeen India Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.0% | +20.6% |
| 5-year return | +1.4% | +82.4% |
| Volatility (ann.) | 20.3% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -33.9% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 19.23% | 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 | IFN | SPY |
|---|---|---|
| 2022 | -15.8% | -18.2% |
| 2023 | +36.5% | +26.2% |
| 2024 | -2.3% | +24.9% |
| 2025 | -3.0% | +17.7% |
| 2026 | -7.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFN and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IFN and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.58 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for IFN?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
A reading of 0.53 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: IFN correlations · SPY correlations
