IGC vs SPY: Correlation
Measured on weekly returns over the past three years, IGC Pharma, Inc. (IGC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGC and SPY?
Over the past 3 years, IGC and SPY moved with a correlation of 0.14, which is weak. The link has tightened recently: the 1-year correlation (0.33) runs above the 3-year figure (0.14). Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 137.2 %².
SPY is close to the least connected end of IGC's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 46.4 percentage points, -25.8% for IGC against +20.6% for SPY. One caveat on sizing: IGC is 4.7 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.
IGC vs SPY: side by side
| IGC (IGC Pharma, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.8% | +20.6% |
| 5-year return | -79.0% | +82.4% |
| Volatility (ann.) | 67.5% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -65.2% | -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 | IGC | SPY |
|---|---|---|
| 2022 | -67.3% | -18.2% |
| 2023 | -12.5% | +26.2% |
| 2024 | +21.4% | +24.9% |
| 2025 | -17.6% | +17.7% |
| 2026 | +19.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGC and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IGC and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.33 over the last year and 0.15 over 5 years.
Is SPY a good diversifier for IGC?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: IGC correlations · SPY correlations
