BHVN vs SPY: Correlation
Biohaven Ltd. (BHVN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHVN and SPY?
Across a 3-year window, the weekly returns of BHVN and SPY correlate at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.27) sits close to the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 333.8 %².
Out of 10 assets tracked against BHVN, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.3 points (+3.3% versus +20.6%). One caveat on sizing: BHVN is 5.4 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.
BHVN vs SPY: side by side
| BHVN (Biohaven Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 78.0% | 14.5% |
| Beta vs S&P 500 | 1.60 | 1.00 |
| Max drawdown (3Y) | -87.0% | -18.8% |
| Market cap | $2.4B | – |
| 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 | BHVN | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +208.4% | +26.2% |
| 2024 | -12.7% | +24.9% |
| 2025 | -69.8% | +17.7% |
| 2026 | +42.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHVN and SPY good diversifiers for each other?
Reasonably. At 0.30, BHVN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BHVN and SPY?
As of 2026-08-27, the correlation of weekly returns between BHVN and SPY is 0.30 over 3 years, 0.27 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for BHVN?
Reasonably. At 0.30, BHVN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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: BHVN correlations · SPY correlations
