AWI vs SPOK: Correlation
How closely do Armstrong World Industries Inc (AWI) and Spok Holdings, Inc. (SPOK) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWI and SPOK?
On 3 years of weekly data the AWI/SPOK correlation comes out at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. The 5-year figure is 0.25, and annualized covariance runs at 295.6 %².
By 3-year correlation, SPOK places #10 of the 15 assets tracked against AWI. The last year tells two different stories: AWI led by 24.4 percentage points, -10.5% for AWI against -34.9% for SPOK.
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.
AWI vs SPOK: side by side
| AWI (Armstrong World Industries Inc) | SPOK (Spok Holdings, Inc.) | |
|---|---|---|
| 1-year return | -10.5% | -34.9% |
| 5-year return | +76.7% | +119.7% |
| Volatility (ann.) | 27.3% | 26.9% |
| Beta vs S&P 500 | 0.88 | 0.60 |
| Max drawdown (3Y) | -25.2% | -39.9% |
| Market cap | $7.4B | $0.2B |
| P/E (trailing) | 24.3 | 18.2 |
| Dividend yield | 0.76% | 12.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWI | SPOK |
|---|---|---|
| 2022 | -40.3% | +2.9% |
| 2023 | +45.4% | +108.0% |
| 2024 | +45.1% | +12.1% |
| 2025 | +36.2% | -10.9% |
| 2026 | -7.6% | -14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and SPOK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AWI and SPOK?
The AWI/SPOK correlation stands at 0.40 on a 3-year window (1 year: 0.42, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPOK a good diversifier for AWI?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 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: AWI correlations · SPOK correlations
