ARWR vs SPY: Correlation
Measured on weekly returns over the past three years, Arrowhead Pharmaceuticals, Inc. (ARWR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARWR and SPY?
On 3 years of weekly data the ARWR/SPY correlation comes out at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.48). The 5-year figure is 0.45, and annualized covariance runs at 458.4 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against ARWR. Correlation aside, the last 12 months split them widely, with ARWR ahead by 286.0 points (+306.6% versus +20.6%). Risk is not evenly split, since ARWR carries 4.5 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.
ARWR vs SPY: side by side
| ARWR (Arrowhead Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +306.6% | +20.6% |
| 5-year return | +32.5% | +82.4% |
| Volatility (ann.) | 65.8% | 14.5% |
| Beta vs S&P 500 | 2.19 | 1.00 |
| Max drawdown (3Y) | -74.7% | -18.8% |
| Market cap | $12.5B | – |
| 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 | ARWR | SPY |
|---|---|---|
| 2022 | -38.8% | -18.2% |
| 2023 | -24.6% | +26.2% |
| 2024 | -38.6% | +24.9% |
| 2025 | +253.1% | +17.7% |
| 2026 | +33.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARWR and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ARWR and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.36 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for ARWR?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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: ARWR correlations · SPY correlations
