AZN vs SPY: Correlation
Measured on weekly returns over the past three years, AstraZeneca PLC (AZN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZN and SPY?
On 3 years of weekly data the AZN/SPY correlation comes out at 0.12, weak. The link has loosened recently: the 1-year correlation (-0.03) runs below the 3-year figure (0.12). The 5-year figure is 0.22, and annualized covariance runs at 43.2 %².
Out of 14 assets tracked against AZN, SPY lands near the bottom at #10. The last year tells two different stories: SPY led by 16.6 percentage points, +4.0% for AZN against +20.6% for SPY. Note the risk asymmetry: AZN runs 1.7 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.
AZN vs SPY: side by side
| AZN (AstraZeneca PLC) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.0% | +20.6% |
| 5-year return | +54.7% | +82.4% |
| Volatility (ann.) | 25.1% | 14.5% |
| Beta vs S&P 500 | 0.21 | 1.00 |
| Max drawdown (3Y) | -27.9% | -18.8% |
| Market cap | $255.2B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 1.94% | 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 | AZN | SPY |
|---|---|---|
| 2022 | +19.2% | -18.2% |
| 2023 | +1.4% | +26.2% |
| 2024 | -0.6% | +24.9% |
| 2025 | +43.3% | +17.7% |
| 2026 | -9.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between AZN and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.03 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for AZN?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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: AZN correlations · SPY correlations
