AWX vs SPY: Correlation
How closely do Avalon Holdings Corporation (AWX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWX and SPY?
Over the past 3 years, AWX and SPY moved with a correlation of 0.04, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.10 over 1 year against 0.04 over 3. Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is 21.7 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against AWX. On 12-month performance SPY holds a 11.7-point edge, +8.9% against +20.6%. Note the risk asymmetry: AWX runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AWX vs SPY: side by side
| AWX (Avalon Holdings Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.9% | +20.6% |
| 5-year return | -37.9% | +82.4% |
| Volatility (ann.) | 35.1% | 14.5% |
| Beta vs S&P 500 | 0.10 | 1.00 |
| Max drawdown (3Y) | -51.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 9.0 | – |
| 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 | AWX | SPY |
|---|---|---|
| 2022 | -23.8% | -18.2% |
| 2023 | -13.1% | +26.2% |
| 2024 | +61.9% | +24.9% |
| 2025 | -30.5% | +17.7% |
| 2026 | +0.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWX and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AWX and SPY?
Using weekly returns as of 2026-08-27: 0.04 over 3 years, with 0.10 over the last year and 0.03 over 5 years.
Is SPY a good diversifier for AWX?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AWX correlations · SPY correlations
