AXON vs SPY: Correlation
How closely do Axon Enterprise (AXON) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and SPY?
Over the past 3 years, AXON and SPY moved with a correlation of 0.38, which is moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.38). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 314.7 %².
Among the 35 assets we track against AXON, SPY ranks #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 41.2 percentage points (-20.6% for AXON against +20.6% for SPY). The rolling one-year correlation moved between 0.20 and 0.62 over the past three years, a moderate range. Risk is not evenly split, since AXON carries 4.0 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.
AXON vs SPY: side by side
| AXON (Axon Enterprise) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.6% | +20.6% |
| 5-year return | +216.9% | +82.4% |
| Volatility (ann.) | 57.4% | 14.5% |
| Beta vs S&P 500 | 1.51 | 1.00 |
| Max drawdown (3Y) | -60.3% | -18.8% |
| Market cap | $49.7B | – |
| P/E (trailing) | 250.5 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | AXON | SPY |
|---|---|---|
| 2022 | +5.7% | -18.2% |
| 2023 | +55.7% | +26.2% |
| 2024 | +130.1% | +24.9% |
| 2025 | -4.4% | +17.7% |
| 2026 | +7.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AXON represents 0.07% of SPY's portfolio, so part of any move in SPY is AXON itself, and the correlation between them is partly mechanical.
Are AXON and SPY good diversifiers for each other?
Reasonably. At 0.38, AXON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AXON and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.23 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for AXON?
Reasonably. At 0.38, AXON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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: AXON correlations · SPY correlations
