ASO vs FIVE: Correlation
Academy Sports and Outdoors, Inc. (ASO) and Five Below, Inc. (FIVE) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and FIVE?
Over the past 3 years, ASO and FIVE moved with a correlation of 0.54, which is moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1096.1 %².
Within ASO's tracked universe of 16 assets, FIVE comes in at #7 by 3-year correlation. The last year tells two different stories: FIVE led by 94.5 percentage points, -23.5% for ASO against +71.0% for FIVE.
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.
ASO vs FIVE: side by side
| ASO (Academy Sports and Outdoors, Inc.) | FIVE (Five Below, Inc.) | |
|---|---|---|
| 1-year return | -23.5% | +71.0% |
| 5-year return | +2.0% | +15.1% |
| Volatility (ann.) | 39.7% | 50.8% |
| Beta vs S&P 500 | 1.26 | 1.42 |
| Max drawdown (3Y) | -54.2% | -74.1% |
| Market cap | $2.6B | $13.7B |
| P/E (trailing) | 7.7 | 31.2 |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASO | FIVE |
|---|---|---|
| 2022 | +20.6% | -14.5% |
| 2023 | +26.4% | +20.5% |
| 2024 | -12.2% | -50.8% |
| 2025 | -12.2% | +79.5% |
| 2026 | -14.2% | +31.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and FIVE good diversifiers for each other?
Only partially. A correlation of 0.54 means ASO and FIVE 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 ASO and FIVE?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.46 over the last year and 0.55 over 5 years.
Is FIVE a good diversifier for ASO?
Only partially. A correlation of 0.54 means ASO and FIVE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aso-vs-five.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aso-vs-five/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASO correlations · FIVE correlations
