ANNX vs SPY: Correlation
Measured on weekly returns over the past three years, Annexon, Inc. (ANNX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANNX and SPY?
On 3 years of weekly data the ANNX/SPY correlation comes out at 0.27, weak. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.27). The 5-year figure is 0.24, and annualized covariance runs at 359.0 %².
Out of 13 assets tracked against ANNX, SPY lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months ANNX outperformed by 128.2 percentage points (+148.8% for ANNX against +20.6% for SPY). One caveat on sizing: ANNX is 6.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ANNX vs SPY: side by side
| ANNX (Annexon, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +148.8% | +20.6% |
| 5-year return | -68.9% | +82.4% |
| Volatility (ann.) | 92.8% | 14.5% |
| Beta vs S&P 500 | 1.72 | 1.00 |
| Max drawdown (3Y) | -82.3% | -18.8% |
| Market cap | $1.0B | – |
| 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 | ANNX | SPY |
|---|---|---|
| 2022 | -55.0% | -18.2% |
| 2023 | -12.2% | +26.2% |
| 2024 | +13.0% | +24.9% |
| 2025 | -2.1% | +17.7% |
| 2026 | +4.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANNX and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ANNX and SPY?
As of 2026-08-27, the correlation of weekly returns between ANNX and SPY is 0.27 over 3 years, 0.09 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for ANNX?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: ANNX correlations · SPY correlations
