AVIR vs SPY: Correlation
How closely do Atea Pharmaceuticals, Inc. (AVIR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVIR and SPY?
On 3 years of weekly data the AVIR/SPY correlation comes out at 0.22, weak. The past 12 months show a weaker link (0.11) than the 3-year average (0.22). The 5-year figure is 0.20, and annualized covariance runs at 153.1 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against AVIR. The last year tells two different stories: AVIR led by 30.8 percentage points, +51.4% for AVIR against +20.6% for SPY. Risk is not evenly split, since AVIR 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.
AVIR vs SPY: side by side
| AVIR (Atea Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.4% | +20.6% |
| 5-year return | -82.1% | +82.4% |
| Volatility (ann.) | 48.3% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -44.1% | -18.8% |
| Market cap | $0.4B | – |
| 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 | AVIR | SPY |
|---|---|---|
| 2022 | -46.2% | -18.2% |
| 2023 | -36.6% | +26.2% |
| 2024 | +9.8% | +24.9% |
| 2025 | +6.6% | +17.7% |
| 2026 | +52.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVIR and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AVIR and SPY?
As of 2026-08-27, the correlation of weekly returns between AVIR and SPY is 0.22 over 3 years, 0.11 over 1 year and 0.20 over 5 years.
Is SPY a good diversifier for AVIR?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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: AVIR correlations · SPY correlations
