ANET vs SPY: Correlation
How closely do Arista Networks (ANET) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANET and SPY?
Over the past 3 years, ANET and SPY moved with a correlation of 0.65, which is strong. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.65). Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 460.5 %².
By 3-year correlation, SPY places #9 of the 35 assets tracked against ANET. The last year tells two different stories: ANET led by 30.3 percentage points, +50.9% for ANET against +20.6% for SPY. This link changes with the market regime, having swung between 0.19 and 0.80 on a rolling one-year basis. One caveat on sizing: ANET is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ANET vs SPY: side by side
| ANET (Arista Networks) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.9% | +20.6% |
| 5-year return | +764.7% | +82.4% |
| Volatility (ann.) | 49.3% | 14.5% |
| Beta vs S&P 500 | 2.20 | 1.00 |
| Max drawdown (3Y) | -50.4% | -18.8% |
| Market cap | $253.6B | – |
| P/E (trailing) | 64.0 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | ANET | SPY |
|---|---|---|
| 2022 | -15.6% | -18.2% |
| 2023 | +94.1% | +26.2% |
| 2024 | +87.7% | +24.9% |
| 2025 | +18.5% | +17.7% |
| 2026 | +53.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ANET represents 0.32% of SPY's portfolio, so part of any move in SPY is ANET itself, and the correlation between them is partly mechanical.
Are ANET and SPY good diversifiers for each other?
Only partially. A correlation of 0.65 means ANET 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 ANET and SPY?
The ANET/SPY correlation stands at 0.65 on a 3-year window (1 year: 0.44, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ANET?
Only partially. A correlation of 0.65 means ANET 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 0.65 mean?
On the −1 to +1 scale, 0.65 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: ANET correlations · SPY correlations
