ANGO vs SPY: Correlation
AngioDynamics, Inc. (ANGO) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANGO and SPY?
Over the past 3 years, ANGO and SPY moved with a correlation of 0.08, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.03 over 1 year against 0.08 over 3. Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 54.3 %².
SPY is close to the least connected end of ANGO's tracked universe, ranking #7 of 11. The last year tells two different stories: ANGO led by 37.0 percentage points, +57.6% for ANGO against +20.6% for SPY. One caveat on sizing: ANGO is 3.5 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.
ANGO vs SPY: side by side
| ANGO (AngioDynamics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.6% | +20.6% |
| 5-year return | -44.6% | +82.4% |
| Volatility (ann.) | 50.1% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -37.3% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | ANGO | SPY |
|---|---|---|
| 2022 | -50.1% | -18.2% |
| 2023 | -43.1% | +26.2% |
| 2024 | +16.8% | +24.9% |
| 2025 | +40.2% | +17.7% |
| 2026 | +22.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANGO and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ANGO and SPY?
The ANGO/SPY correlation stands at 0.08 on a 3-year window (1 year: 0.03, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ANGO?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 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: ANGO correlations · SPY correlations
