ANET vs SPYG: Correlation
Measured on weekly returns over the past three years, Arista Networks (ANET) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANET and SPYG?
Over the past 3 years, ANET and SPYG moved with a correlation of 0.68, which is strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.68). Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 630.5 %².
In ANET's tracked universe of 35 assets, SPYG sits right near the top at #2. The last year tells two different stories: ANET led by 28.5 percentage points, +50.9% for ANET against +22.4% for SPYG. The relationship is regime-dependent: the rolling one-year correlation swung between 0.19 and 0.82 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since ANET carries 2.6 times the volatility of the other side.
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 SPYG: side by side
| ANET (Arista Networks) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +50.9% | +22.4% |
| 5-year return | +764.7% | +85.9% |
| Volatility (ann.) | 49.3% | 18.9% |
| Beta vs S&P 500 | 2.20 | 1.25 |
| Max drawdown (3Y) | -50.4% | -22.1% |
| Market cap | $253.6B | – |
| P/E (trailing) | 64.0 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Information Technology | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | ANET | SPYG |
|---|---|---|
| 2022 | -15.6% | -29.4% |
| 2023 | +94.1% | +30.0% |
| 2024 | +87.7% | +36.0% |
| 2025 | +18.5% | +22.1% |
| 2026 | +53.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.58% of SPYG is ANET itself, so the fund partly moves with the stock by construction.
Are ANET and SPYG good diversifiers for each other?
Only partially. A correlation of 0.68 means ANET and SPYG 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 SPYG?
As of 2026-08-27, the correlation of weekly returns between ANET and SPYG is 0.68 over 3 years, 0.47 over 1 year and 0.59 over 5 years.
Is SPYG a good diversifier for ANET?
Only partially. A correlation of 0.68 means ANET and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
A reading of 0.68 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/anet-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/anet-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ANET correlations · SPYG correlations
