AZTA vs SPY: Correlation
How closely do Azenta, Inc. (AZTA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZTA and SPY?
Across a 3-year window, the weekly returns of AZTA and SPY correlate at 0.30, moderate. Recent behaviour matches the longer record: 0.23 over 1 year against 0.30 over 3. Stretching to 5 years gives 0.43, with an annualized covariance of 226.3 %².
SPY is close to the least connected end of AZTA's tracked universe, ranking #12 of 16. The trailing year gives SPY the advantage: +11.3% versus +20.6%, a 9.3-point spread. Note the risk asymmetry: AZTA runs 3.5 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.
AZTA vs SPY: side by side
| AZTA (Azenta, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.3% | +20.6% |
| 5-year return | -60.4% | +82.4% |
| Volatility (ann.) | 51.4% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -76.3% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| 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 | AZTA | SPY |
|---|---|---|
| 2022 | -43.5% | -18.2% |
| 2023 | +11.9% | +26.2% |
| 2024 | -23.2% | +24.9% |
| 2025 | -33.5% | +17.7% |
| 2026 | +1.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZTA and SPY good diversifiers for each other?
Reasonably. At 0.30, AZTA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AZTA and SPY?
As of 2026-08-27, the correlation of weekly returns between AZTA and SPY is 0.30 over 3 years, 0.23 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for AZTA?
Reasonably. At 0.30, AZTA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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: AZTA correlations · SPY correlations
