AVO vs SPY: Correlation
Measured on weekly returns over the past three years, Mission Produce, Inc. (AVO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVO and SPY?
On 3 years of weekly data the AVO/SPY correlation comes out at 0.16, weak. The past 12 months show a weaker link (0.04) than the 3-year average (0.16). The 5-year figure is 0.20, and annualized covariance runs at 83.6 %².
Among the 10 assets we track against AVO, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: SPY led by 20.3 percentage points, +0.3% for AVO against +20.6% for SPY. One caveat on sizing: AVO is 2.6 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.
AVO vs SPY: side by side
| AVO (Mission Produce, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.3% | +20.6% |
| 5-year return | -38.9% | +82.4% |
| Volatility (ann.) | 37.0% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -34.1% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 40.4 | – |
| 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 | AVO | SPY |
|---|---|---|
| 2022 | -26.0% | -18.2% |
| 2023 | -13.2% | +26.2% |
| 2024 | +42.4% | +24.9% |
| 2025 | -19.3% | +17.7% |
| 2026 | +7.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVO and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AVO and SPY?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with 0.04 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for AVO?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 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: AVO correlations · SPY correlations
