CRVS vs SPY: Correlation
Corvus Pharmaceuticals, Inc. (CRVS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRVS and SPY?
Over the past 3 years, CRVS and SPY moved with a correlation of 0.12, which is weak. Little has changed lately, as the 1-year reading of 0.02 lands near the 3-year figure. Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 250.6 %².
SPY is close to the least connected end of CRVS's tracked universe, ranking #12 of 16. Their recent paths diverged sharply: over the last 12 months CRVS outperformed by 147.0 percentage points (+167.6% for CRVS against +20.6% for SPY). Note the risk asymmetry: CRVS runs 10.0 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.
CRVS vs SPY: side by side
| CRVS (Corvus Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +167.6% | +20.6% |
| 5-year return | +581.5% | +82.4% |
| Volatility (ann.) | 144.6% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -70.5% | -18.8% |
| Market cap | $1.2B | – |
| 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 | CRVS | SPY |
|---|---|---|
| 2022 | -64.7% | -18.2% |
| 2023 | +107.1% | +26.2% |
| 2024 | +204.0% | +24.9% |
| 2025 | +43.9% | +17.7% |
| 2026 | +91.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRVS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between CRVS and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with 0.02 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for CRVS?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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: CRVS correlations · SPY correlations
