ALVO vs SPY: Correlation
Alvotech (ALVO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and SPY?
Over the past 3 years, ALVO and SPY moved with a correlation of 0.22, which is weak. Recent behaviour matches the longer record: 0.17 over 1 year against 0.22 over 3. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 168.6 %².
Among the 12 assets we track against ALVO, SPY ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 59.8 percentage points (-39.2% for ALVO against +20.6% for SPY). Risk is not evenly split, since ALVO carries 3.6 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.
ALVO vs SPY: side by side
| ALVO (Alvotech) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.2% | +20.6% |
| 5-year return | -56.4% | +82.4% |
| Volatility (ann.) | 52.8% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -82.6% | -18.8% |
| Market cap | $1.7B | – |
| 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 | ALVO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +14.8% | +26.2% |
| 2024 | +15.2% | +24.9% |
| 2025 | -61.2% | +17.7% |
| 2026 | -4.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and SPY good diversifiers for each other?
Reasonably. At 0.22, ALVO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALVO and SPY?
As of 2026-08-27, the correlation of weekly returns between ALVO and SPY is 0.22 over 3 years, 0.17 over 1 year and 0.15 over 5 years.
Is SPY a good diversifier for ALVO?
Reasonably. At 0.22, ALVO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ALVO correlations · SPY correlations
