AMRX vs SPY: Correlation
Amneal Pharmaceuticals, Inc. (AMRX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMRX and SPY?
On 3 years of weekly data the AMRX/SPY correlation comes out at 0.34, moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.34). The 5-year figure is 0.35, and annualized covariance runs at 179.1 %².
Out of 11 assets tracked against AMRX, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with AMRX ahead by 71.8 points (+92.4% versus +20.6%). Note the risk asymmetry: AMRX runs 2.5 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.
AMRX vs SPY: side by side
| AMRX (Amneal Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +92.4% | +20.6% |
| 5-year return | +243.0% | +82.4% |
| Volatility (ann.) | 36.9% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -24.6% | -18.8% |
| Market cap | $6.3B | – |
| P/E (trailing) | 37.5 | – |
| 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 | AMRX | SPY |
|---|---|---|
| 2022 | -58.5% | -18.2% |
| 2023 | +205.0% | +26.2% |
| 2024 | +30.5% | +24.9% |
| 2025 | +59.1% | +17.7% |
| 2026 | +42.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMRX and SPY good diversifiers for each other?
Reasonably. At 0.34, AMRX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AMRX and SPY?
As of 2026-08-27, the correlation of weekly returns between AMRX and SPY is 0.34 over 3 years, 0.24 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for AMRX?
Reasonably. At 0.34, AMRX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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: AMRX correlations · SPY correlations
