AXGN vs SPY: Correlation
Measured on weekly returns over the past three years, Axogen, Inc. (AXGN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXGN and SPY?
On 3 years of weekly data the AXGN/SPY correlation comes out at 0.25, weak. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. The 5-year figure is 0.30, and annualized covariance runs at 231.0 %².
Within AXGN's tracked universe of 14 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AXGN outperformed by 199.9 percentage points (+220.5% for AXGN against +20.6% for SPY). Risk is not evenly split, since AXGN carries 4.4 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.
AXGN vs SPY: side by side
| AXGN (Axogen, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +220.5% | +20.6% |
| 5-year return | +213.9% | +82.4% |
| Volatility (ann.) | 63.3% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -53.8% | -18.8% |
| Market cap | $2.8B | – |
| 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 | AXGN | SPY |
|---|---|---|
| 2022 | +6.5% | -18.2% |
| 2023 | -31.6% | +26.2% |
| 2024 | +141.3% | +24.9% |
| 2025 | +98.6% | +17.7% |
| 2026 | +58.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXGN and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AXGN and SPY?
The AXGN/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.30, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AXGN?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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: AXGN correlations · SPY correlations
