AXSM vs SPY: Correlation
How closely do Axsome Therapeutics, Inc. (AXSM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXSM and SPY?
Over the past 3 years, AXSM and SPY moved with a correlation of 0.30, which is moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.30). Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 172.1 %².
SPY is close to the least connected end of AXSM's tracked universe, ranking #8 of 12. The last year tells two different stories: AXSM led by 48.7 percentage points, +69.3% for AXSM against +20.6% for SPY. Risk is not evenly split, since AXSM carries 2.7 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.
AXSM vs SPY: side by side
| AXSM (Axsome Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +69.3% | +20.6% |
| 5-year return | +746.1% | +82.4% |
| Volatility (ann.) | 39.4% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -32.7% | -18.8% |
| Market cap | $10.8B | – |
| 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 | AXSM | SPY |
|---|---|---|
| 2022 | +104.2% | -18.2% |
| 2023 | +3.2% | +26.2% |
| 2024 | +6.3% | +24.9% |
| 2025 | +115.9% | +17.7% |
| 2026 | +12.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXSM and SPY good diversifiers for each other?
Reasonably. At 0.30, AXSM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AXSM and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.12 over the last year and 0.13 over 5 years.
Is SPY a good diversifier for AXSM?
Reasonably. At 0.30, AXSM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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: AXSM correlations · SPY correlations
