AXTA vs SPY: Correlation
Axalta Coating Systems Ltd. (AXTA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXTA and SPY?
Over the past 3 years, AXTA and SPY moved with a correlation of 0.49, which is moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.49). Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 211.4 %².
By 3-year correlation, SPY places #10 of the 17 assets tracked against AXTA. Neither side won the trailing year by much: +16.6% against +20.6%. Note the risk asymmetry: AXTA runs 2.1 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.
AXTA vs SPY: side by side
| AXTA (Axalta Coating Systems Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.6% | +20.6% |
| 5-year return | +18.4% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -38.4% | -18.8% |
| Market cap | $7.9B | – |
| P/E (trailing) | 22.5 | – |
| 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 | AXTA | SPY |
|---|---|---|
| 2022 | -23.1% | -18.2% |
| 2023 | +33.4% | +26.2% |
| 2024 | +0.7% | +24.9% |
| 2025 | -5.6% | +17.7% |
| 2026 | +13.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXTA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AXTA and SPY?
As of 2026-08-27, the correlation of weekly returns between AXTA and SPY is 0.49 over 3 years, 0.32 over 1 year and 0.59 over 5 years.
Is SPY a good diversifier for AXTA?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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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Related comparisons
Hubs: AXTA correlations · SPY correlations
