AVAV vs SPY: Correlation
Measured on weekly returns over the past three years, AeroVironment, Inc. (AVAV) 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 AVAV and SPY?
On 3 years of weekly data the AVAV/SPY correlation comes out at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 380.5 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against AVAV. Correlation aside, the last 12 months split them widely, with SPY ahead by 59.1 points (-38.5% versus +20.6%). One caveat on sizing: AVAV is 5.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AVAV vs SPY: side by side
| AVAV (AeroVironment, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -38.5% | +20.6% |
| 5-year return | +48.2% | +82.4% |
| Volatility (ann.) | 73.1% | 14.5% |
| Beta vs S&P 500 | 1.82 | 1.00 |
| Max drawdown (3Y) | -66.6% | -18.8% |
| Market cap | $7.7B | – |
| 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 | AVAV | SPY |
|---|---|---|
| 2022 | +38.1% | -18.2% |
| 2023 | +47.1% | +26.2% |
| 2024 | +22.1% | +24.9% |
| 2025 | +57.2% | +17.7% |
| 2026 | -37.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVAV and SPY good diversifiers for each other?
Reasonably. At 0.36, AVAV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AVAV and SPY?
The AVAV/SPY correlation stands at 0.36 on a 3-year window (1 year: 0.43, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AVAV?
Reasonably. At 0.36, AVAV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 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.
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Related comparisons
Hubs: AVAV correlations · SPY correlations
