ATEN vs SPY: Correlation
How closely do A10 Networks, Inc. (ATEN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATEN and SPY?
Over the past 3 years, ATEN and SPY moved with a correlation of 0.38, which is moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.38). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 186.6 %².
Out of 14 assets tracked against ATEN, SPY lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with ATEN ahead by 36.0 points (+56.6% versus +20.6%). Note the risk asymmetry: ATEN runs 2.3 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.
ATEN vs SPY: side by side
| ATEN (A10 Networks, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +56.6% | +20.6% |
| 5-year return | +106.4% | +82.4% |
| Volatility (ann.) | 34.0% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -33.9% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 44.3 | – |
| Dividend yield | 0.93% | 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 | ATEN | SPY |
|---|---|---|
| 2022 | +1.7% | -18.2% |
| 2023 | -19.4% | +26.2% |
| 2024 | +42.1% | +24.9% |
| 2025 | -2.6% | +17.7% |
| 2026 | +53.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATEN and SPY good diversifiers for each other?
Reasonably. At 0.38, ATEN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATEN and SPY?
The ATEN/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.14, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ATEN?
Reasonably. At 0.38, ATEN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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: ATEN correlations · SPY correlations
