BNGO vs SPY: Correlation
How closely do Bionano Genomics, Inc. (BNGO) 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 BNGO and SPY?
On 3 years of weekly data the BNGO/SPY correlation comes out at 0.30, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.30 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 420.3 %².
SPY is close to the least connected end of BNGO's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 89.6 points (-69.0% versus +20.6%). Note the risk asymmetry: BNGO runs 6.6 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.
BNGO vs SPY: side by side
| BNGO (Bionano Genomics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -69.0% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 96.1% | 14.5% |
| Beta vs S&P 500 | 2.01 | 1.00 |
| Max drawdown (3Y) | -99.5% | -18.8% |
| Market cap | – | – |
| 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 | BNGO | SPY |
|---|---|---|
| 2022 | -51.2% | -18.2% |
| 2023 | -87.1% | +26.2% |
| 2024 | -84.7% | +24.9% |
| 2025 | -91.2% | +17.7% |
| 2026 | -20.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNGO and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BNGO and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.16 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for BNGO?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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: BNGO correlations · SPY correlations
