AZO vs SPY: Correlation
Measured on weekly returns over the past three years, AutoZone (AZO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and SPY?
Over the past 3 years, AZO and SPY moved with a correlation of 0.19, which is weak. Little has changed lately, as the 1-year reading of 0.10 lands near the 3-year figure. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 65.4 %².
Among the 30 assets we track against AZO, SPY ranks #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 50.9 points (-30.3% versus +20.6%). The rolling one-year correlation moved between 0.06 and 0.37 over the past three years, a moderate range. One caveat on sizing: AZO is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AZO vs SPY: side by side
| AZO (AutoZone) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.3% | +20.6% |
| 5-year return | +88.5% | +82.4% |
| Volatility (ann.) | 23.2% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -32.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | AZO | SPY |
|---|---|---|
| 2022 | +17.6% | -18.2% |
| 2023 | +4.8% | +26.2% |
| 2024 | +23.8% | +24.9% |
| 2025 | +5.9% | +17.7% |
| 2026 | -13.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AZO represents 0.07% of SPY's portfolio, so part of any move in SPY is AZO itself, and the correlation between them is partly mechanical.
Are AZO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between AZO and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.10 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for AZO?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/azo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/azo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AZO correlations · SPY correlations
