AZO vs VELO: Correlation
How closely do AutoZone (AZO) and Velo3D, Inc. (VELO) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and VELO?
Over the past 3 years, AZO and VELO moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -1437.6 %².
VELO is close to the least connected end of AZO's tracked universe, ranking #28 of 30. Their recent paths diverged sharply: over the last 12 months VELO outperformed by 212.2 percentage points (-30.3% for AZO against +181.9% for VELO). Risk is not evenly split, since VELO carries 10.7 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.
AZO vs VELO: side by side
| AZO (AutoZone) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | -30.3% | +181.9% |
| 5-year return | +88.5% | -99.8% |
| Volatility (ann.) | 23.2% | 249.0% |
| Beta vs S&P 500 | 0.31 | -2.66 |
| Max drawdown (3Y) | -32.9% | -99.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | AZO | VELO |
|---|---|---|
| 2022 | +17.6% | -77.1% |
| 2023 | +4.8% | -77.8% |
| 2024 | +23.8% | -95.2% |
| 2025 | +5.9% | +35.7% |
| 2026 | -13.5% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZO and VELO good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between AZO and VELO?
The AZO/VELO correlation stands at -0.25 on a 3-year window (1 year: -0.29, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is VELO a good diversifier for AZO?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/azo-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/azo-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AZO correlations · VELO correlations
