A vs SPY: Correlation
How closely do Agilent Technologies (A) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are A and SPY?
On 3 years of weekly data the A/SPY correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.28 versus 0.46 over 3 years. The 5-year figure is 0.57, and annualized covariance runs at 204.0 %².
Within A's tracked universe of 33 assets, SPY comes in at #18 by 3-year correlation. The trailing year gives A the advantage: +33.9% versus +20.6%, a 13.3-point spread. On a rolling one-year basis the correlation drifted between 0.32 and 0.73, a moderate band. Note the risk asymmetry: A runs 2.1 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.
A vs SPY: side by side
| A (Agilent Technologies) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.9% | +20.6% |
| 5-year return | -7.5% | +82.4% |
| Volatility (ann.) | 31.0% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -35.3% | -18.8% |
| Market cap | $44.5B | – |
| P/E (trailing) | 30.6 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | A | SPY |
|---|---|---|
| 2022 | -5.5% | -18.2% |
| 2023 | -6.4% | +26.2% |
| 2024 | -2.7% | +24.9% |
| 2025 | +1.9% | +17.7% |
| 2026 | +16.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A represents 0.07% of SPY's portfolio, so part of any move in SPY is A itself, and the correlation between them is partly mechanical.
Are A and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between A and SPY?
As of 2026-08-27, the correlation of weekly returns between A and SPY is 0.46 over 3 years, 0.28 over 1 year and 0.57 over 5 years.
Is SPY a good diversifier for A?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: A correlations · SPY correlations
