AVY vs SPY: Correlation
Measured on weekly returns over the past three years, Avery Dennison (AVY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and SPY?
On 3 years of weekly data the AVY/SPY correlation comes out at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.44). The 5-year figure is 0.57, and annualized covariance runs at 127.3 %².
By 3-year correlation, SPY places #26 of the 38 assets tracked against AVY. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.3 points (+5.3% versus +20.6%). The rolling one-year correlation moved between 0.30 and 0.74 over the past three years, a moderate range.
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 SPY: side by side
| AVY (Avery Dennison) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.3% | +20.6% |
| 5-year return | -14.0% | +82.4% |
| Volatility (ann.) | 20.2% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -30.6% | -18.8% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | AVY | SPY |
|---|---|---|
| 2022 | -15.1% | -18.2% |
| 2023 | +13.7% | +26.2% |
| 2024 | -5.9% | +24.9% |
| 2025 | -0.7% | +17.7% |
| 2026 | -0.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and SPY good diversifiers for each other?
Reasonably. At 0.44, AVY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AVY and SPY?
As of 2026-08-27, the correlation of weekly returns between AVY and SPY is 0.44 over 3 years, 0.27 over 1 year and 0.57 over 5 years.
Is SPY a good diversifier for AVY?
Reasonably. At 0.44, AVY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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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Hubs: AVY correlations · SPY correlations
