IDXX vs SPY: Correlation
How closely do Idexx Laboratories (IDXX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDXX and SPY?
Over the past 3 years, IDXX and SPY moved with a correlation of 0.47, which is moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.47). Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 210.2 %².
By 3-year correlation, SPY places #16 of the 35 assets tracked against IDXX. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.5 percentage points (-14.9% for IDXX against +20.6% for SPY). On a rolling one-year basis the correlation drifted between 0.31 and 0.76, a moderate band. Risk is not evenly split, since IDXX carries 2.1 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.
IDXX vs SPY: side by side
| IDXX (Idexx Laboratories) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.9% | +20.6% |
| 5-year return | -20.7% | +82.4% |
| Volatility (ann.) | 30.9% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -37.4% | -18.8% |
| Market cap | $42.9B | – |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | IDXX | SPY |
|---|---|---|
| 2022 | -38.0% | -18.2% |
| 2023 | +36.1% | +26.2% |
| 2024 | -25.5% | +24.9% |
| 2025 | +63.6% | +17.7% |
| 2026 | -19.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds IDXX at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IDXX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IDXX and SPY?
The IDXX/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.30, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IDXX?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: IDXX correlations · SPY correlations
