ILMN vs SPY: Correlation
Measured on weekly returns over the past three years, Illumina, Inc. (ILMN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ILMN and SPY?
Over the past 3 years, ILMN and SPY moved with a correlation of 0.39, which is moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.39). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 255.4 %².
SPY is close to the least connected end of ILMN's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with ILMN ahead by 108.1 points (+128.7% versus +20.6%). Note the risk asymmetry: ILMN runs 3.2 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.
ILMN vs SPY: side by side
| ILMN (Illumina, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +128.7% | +20.6% |
| 5-year return | -48.8% | +82.4% |
| Volatility (ann.) | 45.9% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -57.1% | -18.8% |
| Market cap | $34.4B | – |
| P/E (trailing) | 42.0 | – |
| 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 | ILMN | SPY |
|---|---|---|
| 2022 | -46.9% | -18.2% |
| 2023 | -31.1% | +26.2% |
| 2024 | -1.3% | +24.9% |
| 2025 | -1.8% | +17.7% |
| 2026 | +73.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ILMN and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ILMN and SPY?
As of 2026-08-27, the correlation of weekly returns between ILMN and SPY is 0.39 over 3 years, 0.21 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for ILMN?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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: ILMN correlations · SPY correlations
