AZZ vs SPY: Correlation
How closely do AZZ Inc. (AZZ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZZ and SPY?
On 3 years of weekly data the AZZ/SPY correlation comes out at 0.48, moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.48). The 5-year figure is 0.52, and annualized covariance runs at 226.8 %².
Among the 11 assets we track against AZZ, SPY ranks #6 by 3-year correlation. Their 12-month results are close: +20.8% for AZZ against +20.6% for SPY. Risk is not evenly split, since AZZ carries 2.2 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.
AZZ vs SPY: side by side
| AZZ (AZZ Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.8% | +20.6% |
| 5-year return | +177.7% | +82.4% |
| Volatility (ann.) | 32.5% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -23.7% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 21.5 | – |
| Dividend yield | 0.57% | 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 | AZZ | SPY |
|---|---|---|
| 2022 | -26.1% | -18.2% |
| 2023 | +46.8% | +26.2% |
| 2024 | +42.3% | +24.9% |
| 2025 | +31.9% | +17.7% |
| 2026 | +31.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZZ and SPY good diversifiers for each other?
Reasonably. At 0.48, AZZ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AZZ and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.26 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for AZZ?
Reasonably. At 0.48, AZZ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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.
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Related comparisons
Hubs: AZZ correlations · SPY correlations
