AVNW vs SPY: Correlation
Measured on weekly returns over the past three years, Aviat Networks, Inc. (AVNW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVNW and SPY?
Over the past 3 years, AVNW and SPY moved with a correlation of 0.23, which is weak. The relationship has been stable: the 1-year correlation (0.17) sits close to the 3-year figure. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 164.8 %².
Within AVNW's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.2 percentage points (-6.6% for AVNW against +20.6% for SPY). Risk is not evenly split, since AVNW carries 3.5 times the volatility of the other side.
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.
AVNW vs SPY: side by side
| AVNW (Aviat Networks, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.6% | +20.6% |
| 5-year return | -39.7% | +82.4% |
| Volatility (ann.) | 50.7% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -64.3% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 31.1 | – |
| 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 | AVNW | SPY |
|---|---|---|
| 2022 | -2.8% | -18.2% |
| 2023 | +4.7% | +26.2% |
| 2024 | -44.5% | +24.9% |
| 2025 | +18.1% | +17.7% |
| 2026 | +0.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVNW and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AVNW and SPY?
As of 2026-08-27, the correlation of weekly returns between AVNW and SPY is 0.23 over 3 years, 0.17 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for AVNW?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 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: AVNW correlations · SPY correlations
