BMRN vs SPY: Correlation
Measured on weekly returns over the past three years, BioMarin Pharmaceutical Inc. (BMRN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMRN and SPY?
Across a 3-year window, the weekly returns of BMRN and SPY correlate at 0.24, weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.24 over 3. Stretching to 5 years gives 0.33, with an annualized covariance of 95.5 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against BMRN. The trailing year gives SPY the advantage: +11.3% versus +20.6%, a 9.3-point spread. Note the risk asymmetry: BMRN runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BMRN vs SPY: side by side
| BMRN (BioMarin Pharmaceutical Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.3% | +20.6% |
| 5-year return | -21.6% | +82.4% |
| Volatility (ann.) | 28.1% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -49.8% | -18.8% |
| Market cap | $12.6B | – |
| P/E (trailing) | 176.5 | – |
| 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 | BMRN | SPY |
|---|---|---|
| 2022 | +17.1% | -18.2% |
| 2023 | -6.8% | +26.2% |
| 2024 | -31.8% | +24.9% |
| 2025 | -9.6% | +17.7% |
| 2026 | +9.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMRN and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BMRN and SPY?
The BMRN/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.20, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BMRN?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 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: BMRN correlations · SPY correlations
