ASO vs NKE: Correlation
Measured on weekly returns over the past three years, Academy Sports and Outdoors, Inc. (ASO) and Nike, Inc. (NKE) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and NKE?
On 3 years of weekly data the ASO/NKE correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.33 over 1 year against 0.42 over 3. The 5-year figure is 0.45, and annualized covariance runs at 604.4 %².
Among the 16 assets we track against ASO, NKE ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ASO ahead by 25.9 points (-23.5% versus -49.4%).
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 NKE: side by side
| ASO (Academy Sports and Outdoors, Inc.) | NKE (Nike, Inc.) | |
|---|---|---|
| 1-year return | -23.5% | -49.4% |
| 5-year return | +2.0% | -75.2% |
| Volatility (ann.) | 39.7% | 36.6% |
| Beta vs S&P 500 | 1.26 | 0.93 |
| Max drawdown (3Y) | -54.2% | -66.9% |
| Market cap | $2.6B | $57.0B |
| P/E (trailing) | 7.7 | 18.4 |
| Dividend yield | 1.29% | 4.22% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | ASO | NKE |
|---|---|---|
| 2022 | +20.6% | -29.0% |
| 2023 | +26.4% | -6.0% |
| 2024 | -12.2% | -29.1% |
| 2025 | -12.2% | -13.8% |
| 2026 | -14.2% | -38.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and NKE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASO and NKE?
The ASO/NKE correlation stands at 0.42 on a 3-year window (1 year: 0.33, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is NKE a good diversifier for ASO?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASO correlations · NKE correlations
