IFRX vs SPY: Correlation
How closely do InflaRx N.V. (IFRX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFRX and SPY?
On 3 years of weekly data the IFRX/SPY correlation comes out at 0.22, weak. Lately the two have moved closer together, with the 1-year correlation at 0.47 versus 0.22 over 3 years. The 5-year figure is 0.17, and annualized covariance runs at 322.6 %².
SPY is close to the least connected end of IFRX's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with IFRX ahead by 106.4 points (+127.0% versus +20.6%). One caveat on sizing: IFRX is 7.1 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.
IFRX vs SPY: side by side
| IFRX (InflaRx N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +127.0% | +20.6% |
| 5-year return | -9.2% | +82.4% |
| Volatility (ann.) | 102.6% | 14.5% |
| Beta vs S&P 500 | 1.54 | 1.00 |
| Max drawdown (3Y) | -82.4% | -18.8% |
| Market cap | $0.3B | – |
| 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 | IFRX | SPY |
|---|---|---|
| 2022 | -34.9% | -18.2% |
| 2023 | -47.4% | +26.2% |
| 2024 | +51.5% | +24.9% |
| 2025 | -59.1% | +17.7% |
| 2026 | +124.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFRX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IFRX and SPY?
As of 2026-08-27, the correlation of weekly returns between IFRX and SPY is 0.22 over 3 years, 0.47 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for IFRX?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ifrx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ifrx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IFRX correlations · SPY correlations
