ANDE vs AXON: Correlation
How closely do The Andersons, Inc. (ANDE) and Axon Enterprise (AXON) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANDE and AXON?
Over the past 3 years, ANDE and AXON moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.19 over 3 years. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -351.3 %².
Out of 14 assets tracked against ANDE, AXON lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months ANDE outperformed by 79.5 percentage points (+58.9% for ANDE against -20.6% for AXON). Note the risk asymmetry: AXON runs 1.7 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.
ANDE vs AXON: side by side
| ANDE (The Andersons, Inc.) | AXON (Axon Enterprise) | |
|---|---|---|
| 1-year return | +58.9% | -20.6% |
| 5-year return | +128.7% | +216.9% |
| Volatility (ann.) | 33.1% | 57.4% |
| Beta vs S&P 500 | 0.26 | 1.51 |
| Max drawdown (3Y) | -46.9% | -60.3% |
| Market cap | $2.2B | $49.7B |
| P/E (trailing) | 12.6 | 250.5 |
| Dividend yield | 1.21% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ANDE | AXON |
|---|---|---|
| 2022 | -7.8% | +5.7% |
| 2023 | +67.0% | +55.7% |
| 2024 | -28.8% | +130.1% |
| 2025 | +33.8% | -4.4% |
| 2026 | +21.0% | +7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANDE and AXON good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ANDE and AXON?
As of 2026-08-27, the correlation of weekly returns between ANDE and AXON is -0.19 over 3 years, -0.45 over 1 year and -0.01 over 5 years.
Is AXON a good diversifier for ANDE?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ande-vs-axon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ande-vs-axon/)
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Related comparisons
Hubs: ANDE correlations · AXON correlations
