AZTA vs CHDN: Correlation
Measured on weekly returns over the past three years, Azenta, Inc. (AZTA) and Churchill Downs, Incorporated (CHDN) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZTA and CHDN?
Over the past 3 years, AZTA and CHDN moved with a correlation of 0.43, which is moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 605.8 %².
By 3-year correlation, CHDN places #9 of the 16 assets tracked against AZTA. Their recent paths diverged sharply: over the last 12 months AZTA outperformed by 29.5 percentage points (+11.3% for AZTA against -18.2% for CHDN). Risk is not evenly split, since AZTA carries 1.9 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.
AZTA vs CHDN: side by side
| AZTA (Azenta, Inc.) | CHDN (Churchill Downs, Incorporated) | |
|---|---|---|
| 1-year return | +11.3% | -18.2% |
| 5-year return | -60.4% | -16.1% |
| Volatility (ann.) | 51.4% | 27.4% |
| Beta vs S&P 500 | 1.08 | 0.72 |
| Max drawdown (3Y) | -76.3% | -43.9% |
| Market cap | $1.5B | $6.0B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 0.00% | 0.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AZTA | CHDN |
|---|---|---|
| 2022 | -43.5% | -12.0% |
| 2023 | +11.9% | +28.1% |
| 2024 | -23.2% | -0.7% |
| 2025 | -33.5% | -14.5% |
| 2026 | +1.1% | -24.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZTA and CHDN good diversifiers for each other?
Reasonably. At 0.43, AZTA and CHDN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AZTA and CHDN?
The AZTA/CHDN correlation stands at 0.43 on a 3-year window (1 year: 0.51, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is CHDN a good diversifier for AZTA?
Reasonably. At 0.43, AZTA and CHDN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/azta-vs-chdn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/azta-vs-chdn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AZTA correlations · CHDN correlations
