ASPN vs ZBRA: Correlation
How closely do Aspen Aerogels, Inc. (ASPN) and Zebra Technologies (ZBRA) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASPN and ZBRA?
On 3 years of weekly data the ASPN/ZBRA correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 1548.6 %².
By 3-year correlation, ZBRA places #5 of the 14 assets tracked against ASPN. Their recent paths diverged sharply: over the last 12 months ZBRA outperformed by 37.8 percentage points (-25.5% for ASPN against +12.3% for ZBRA). Note the risk asymmetry: ASPN runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ASPN vs ZBRA: side by side
| ASPN (Aspen Aerogels, Inc.) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | -25.5% | +12.3% |
| 5-year return | -88.1% | -38.2% |
| Volatility (ann.) | 88.3% | 40.8% |
| Beta vs S&P 500 | 2.05 | 1.54 |
| Max drawdown (3Y) | -91.9% | -52.7% |
| Market cap | $0.4B | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ASPN | ZBRA |
|---|---|---|
| 2022 | -76.3% | -56.9% |
| 2023 | +33.8% | +6.6% |
| 2024 | -24.7% | +41.3% |
| 2025 | -76.2% | -37.1% |
| 2026 | +84.8% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASPN and ZBRA good diversifiers for each other?
Reasonably. At 0.43, ASPN and ZBRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASPN and ZBRA?
As of 2026-08-27, the correlation of weekly returns between ASPN and ZBRA is 0.43 over 3 years, 0.38 over 1 year and 0.41 over 5 years.
Is ZBRA a good diversifier for ASPN?
Reasonably. At 0.43, ASPN and ZBRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/aspn-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aspn-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASPN correlations · ZBRA correlations
