ALKS vs SPY: Correlation
Alkermes plc (ALKS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALKS and SPY?
On 3 years of weekly data the ALKS/SPY correlation comes out at 0.23, weak. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.23). The 5-year figure is 0.19, and annualized covariance runs at 130.4 %².
SPY is close to the least connected end of ALKS's tracked universe, ranking #7 of 11. The last year tells two different stories: ALKS led by 46.6 percentage points, +67.2% for ALKS against +20.6% for SPY. Note the risk asymmetry: ALKS runs 2.7 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.
ALKS vs SPY: side by side
| ALKS (Alkermes plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +67.2% | +20.6% |
| 5-year return | +55.7% | +82.4% |
| Volatility (ann.) | 39.0% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -29.3% | -18.8% |
| Market cap | $8.2B | – |
| P/E (trailing) | 128.7 | – |
| 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 | ALKS | SPY |
|---|---|---|
| 2022 | +12.3% | -18.2% |
| 2023 | +6.2% | +26.2% |
| 2024 | +3.7% | +24.9% |
| 2025 | -2.7% | +17.7% |
| 2026 | +74.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALKS and SPY good diversifiers for each other?
Reasonably. At 0.23, ALKS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALKS and SPY?
The ALKS/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.02, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ALKS?
Reasonably. At 0.23, ALKS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: ALKS correlations · SPY correlations
