IMA vs SPY: Correlation
How closely do ImageneBio, Inc. (IMA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMA and SPY?
Across a 3-year window, the weekly returns of IMA and SPY correlate at 0.20, weak. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 205.9 %².
Within IMA's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: SPY led by 81.5 percentage points, -60.9% for IMA against +20.6% for SPY. One caveat on sizing: IMA is 5.0 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.
IMA vs SPY: side by side
| IMA (ImageneBio, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -60.9% | +20.6% |
| 5-year return | -96.6% | +82.4% |
| Volatility (ann.) | 71.9% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -92.1% | -18.8% |
| Market cap | $0.1B | – |
| 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 | IMA | SPY |
|---|---|---|
| 2022 | -78.8% | -18.2% |
| 2023 | -25.9% | +26.2% |
| 2024 | -16.8% | +24.9% |
| 2025 | -64.9% | +17.7% |
| 2026 | -22.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IMA and SPY?
The IMA/SPY correlation stands at 0.20 on a 3-year window (1 year: 0.30, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IMA?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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: IMA correlations · SPY correlations
