ALNY vs SPY: Correlation
Alnylam Pharmaceuticals, Inc. (ALNY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALNY and SPY?
On 3 years of weekly data the ALNY/SPY correlation comes out at 0.28, weak. The past 12 months show a weaker link (0.15) than the 3-year average (0.28). The 5-year figure is 0.27, and annualized covariance runs at 194.8 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against ALNY. The last year tells two different stories: SPY led by 68.5 percentage points, -47.9% for ALNY against +20.6% for SPY. Risk is not evenly split, since ALNY carries 3.3 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.
ALNY vs SPY: side by side
| ALNY (Alnylam Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -47.9% | +20.6% |
| 5-year return | +16.2% | +82.4% |
| Volatility (ann.) | 48.5% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -58.2% | -18.8% |
| Market cap | $31.7B | – |
| P/E (trailing) | 41.6 | – |
| 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 | ALNY | SPY |
|---|---|---|
| 2022 | +40.1% | -18.2% |
| 2023 | -19.5% | +26.2% |
| 2024 | +22.9% | +24.9% |
| 2025 | +69.0% | +17.7% |
| 2026 | -40.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALNY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ALNY and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.15 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for ALNY?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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: ALNY correlations · SPY correlations
