AZO vs. SPY
AZO (AutoZone, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, AZO returned 14.38%/yr vs 14.89%/yr for SPY. Their 0.39 correlation means their historical movements had little consistent relationship.
Performance
AZO vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, AZO achieves a -8.04% return, which is significantly lower than SPY's 9.22% return. Both investments have delivered pretty close results over the past 10 years, with AZO having a 14.38% annualized return and SPY not far ahead at 14.89%.
AZO
- 1D
- 1.42%
- 1M
- -0.32%
- 6M
- -17.93%
- YTD
- -8.04%
- 1Y
- -17.85%
- 3Y*
- 7.97%
- 5Y*
- 13.91%
- 10Y*
- 14.38%
- ALL TIME*
- 18.91%
SPY
- 1D
- 0.24%
- 1M
- 1.63%
- 6M
- 7.09%
- YTD
- 9.22%
- 1Y
- 17.60%
- 3Y*
- 18.95%
- 5Y*
- 12.46%
- 10Y*
- 14.89%
- ALL TIME*
- 10.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $441.98M | $761.92M | $1.15B | |
| $34.03B | $34.70B | $38.77B |
AZO vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AZO AutoZone, Inc. | -8.04% | 5.92% | 23.84% | 4.84% | 17.64% | 76.84% | -0.49% | 42.10% | 17.85% | -9.93% |
SPY State Street SPDR S&P 500 ETF | 9.22% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between AZO and SPY is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.39 |
Over the past year, the correlation between AZO and SPY has dropped to 0.08 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.
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Return for Risk
AZO vs. SPY — Risk / Return Rank
AZO
SPY
AZO vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AutoZone, Inc. (AZO) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AZO | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.99 | -2.54 |
| Martin ratioReturn relative to average drawdown | -0.96 | 8.54 | -9.50 |
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Drawdowns
AZO vs. SPY - Drawdown Comparison
The maximum AZO drawdown since its inception was -46.32%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AZO and SPY.
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Drawdown Indicators
| AZO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.32% | -55.19% | +8.87% |
Max Drawdown (1Y)Largest decline over 1 year | -32.86% | -8.88% | -23.98% |
Max Drawdown (3Y)Largest decline over 3 years | -32.86% | -18.76% | -14.10% |
Max Drawdown (5Y)Largest decline over 5 years | -32.86% | -24.50% | -8.36% |
Max Drawdown (10Y)Largest decline over 10 years | -42.14% | -33.72% | -8.42% |
Current DrawdownCurrent decline from peak | -28.38% | -2.21% | -26.17% |
Average DrawdownAverage peak-to-trough decline | -10.95% | -9.01% | -1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.58% | 2.07% | +16.51% |
Volatility
AZO vs. SPY - Volatility Comparison
AutoZone, Inc. (AZO) has a higher volatility of 11.02% compared to State Street SPDR S&P 500 ETF (SPY) at 3.18%. This indicates that AZO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AZO | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.02% | 3.18% | +7.84% |
Volatility (6M)Calculated over the trailing 6-month period | 23.66% | 9.87% | +13.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.77% | 12.68% | +16.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.93% | 17.15% | +7.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.72% | 17.94% | +8.78% |
Dividends
AZO vs. SPY - Dividend Comparison
AZO has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AZO AutoZone, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.02% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
AZO and SPY have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AZO has higher volatility (11.02%) compared to SPY (3.18%). In terms of maximum drawdown, AZO dropped -46.32% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.39 vs -0.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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