ASAN vs SPY: Correlation
Measured on weekly returns over the past three years, Asana, Inc. (ASAN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASAN and SPY?
Over the past 3 years, ASAN and SPY moved with a correlation of 0.36, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.36 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 311.6 %².
Within ASAN's tracked universe of 19 assets, SPY comes in at #13 by 3-year correlation. The last year tells two different stories: SPY led by 49.6 percentage points, -29.0% for ASAN against +20.6% for SPY. Risk is not evenly split, since ASAN carries 4.1 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.
ASAN vs SPY: side by side
| ASAN (Asana, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.0% | +20.6% |
| 5-year return | -86.9% | +82.4% |
| Volatility (ann.) | 59.9% | 14.5% |
| Beta vs S&P 500 | 1.49 | 1.00 |
| Max drawdown (3Y) | -80.2% | -18.8% |
| Market cap | $2.3B | – |
| 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 | ASAN | SPY |
|---|---|---|
| 2022 | -81.5% | -18.2% |
| 2023 | +38.1% | +26.2% |
| 2024 | +6.6% | +24.9% |
| 2025 | -32.4% | +17.7% |
| 2026 | -25.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASAN and SPY good diversifiers for each other?
Reasonably. At 0.36, ASAN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASAN and SPY?
The ASAN/SPY correlation stands at 0.36 on a 3-year window (1 year: 0.25, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ASAN?
Reasonably. At 0.36, ASAN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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: ASAN correlations · SPY correlations
