AVY vs FUSE: Correlation
How closely do Avery Dennison (AVY) and Fusemachines Inc. (FUSE) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and FUSE?
Across a 3-year window, the weekly returns of AVY and FUSE correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.37) runs below the 3-year figure (-0.19). Stretching to 5 years gives -0.14, with an annualized covariance of -430.1 %².
Within AVY's tracked universe of 38 assets, FUSE comes in at #33 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AVY ahead by 99.9 points (+5.3% versus -94.6%). Risk is not evenly split, since FUSE carries 5.5 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.
AVY vs FUSE: side by side
| AVY (Avery Dennison) | FUSE (Fusemachines Inc.) | |
|---|---|---|
| 1-year return | +5.3% | -94.6% |
| 5-year return | -14.0% | -92.2% |
| Volatility (ann.) | 20.2% | 111.4% |
| Beta vs S&P 500 | 0.61 | 0.31 |
| Max drawdown (3Y) | -30.6% | -96.0% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | AVY | FUSE |
|---|---|---|
| 2022 | -15.1% | – |
| 2023 | +13.7% | +7.6% |
| 2024 | -5.9% | +5.6% |
| 2025 | -0.7% | -85.7% |
| 2026 | -0.8% | -53.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and FUSE good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between AVY and FUSE?
As of 2026-08-27, the correlation of weekly returns between AVY and FUSE is -0.19 over 3 years, -0.37 over 1 year and -0.14 over 5 years.
Is FUSE a good diversifier for AVY?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avy-vs-fuse.json
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Related comparisons
Hubs: AVY correlations · FUSE correlations
