AVTR vs SPY: Correlation
How closely do Avantor, Inc. (AVTR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVTR and SPY?
Across a 3-year window, the weekly returns of AVTR and SPY correlate at 0.29, weak. Little has changed lately, as the 1-year reading of 0.27 lands near the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 185.2 %².
SPY is close to the least connected end of AVTR's tracked universe, ranking #10 of 14. On 12-month performance SPY holds a 9.8-point edge, +10.8% against +20.6%. Risk is not evenly split, since AVTR carries 3.1 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.
AVTR vs SPY: side by side
| AVTR (Avantor, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.8% | +20.6% |
| 5-year return | -63.4% | +82.4% |
| Volatility (ann.) | 44.6% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -73.2% | -18.8% |
| Market cap | $9.9B | – |
| 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 | AVTR | SPY |
|---|---|---|
| 2022 | -50.0% | -18.2% |
| 2023 | +8.3% | +26.2% |
| 2024 | -7.7% | +24.9% |
| 2025 | -45.6% | +17.7% |
| 2026 | +27.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVTR and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AVTR and SPY?
As of 2026-08-27, the correlation of weekly returns between AVTR and SPY is 0.29 over 3 years, 0.27 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for AVTR?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 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: AVTR correlations · SPY correlations
