IMAX vs SPY: Correlation
Imax Corporation (IMAX) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMAX and SPY?
Across a 3-year window, the weekly returns of IMAX and SPY correlate at 0.06, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.09 lands near the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 35.0 %².
Out of 10 assets tracked against IMAX, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with IMAX ahead by 58.8 points (+79.4% versus +20.6%). Note the risk asymmetry: IMAX runs 2.6 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.
IMAX vs SPY: side by side
| IMAX (Imax Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +79.4% | +20.6% |
| 5-year return | +235.1% | +82.4% |
| Volatility (ann.) | 37.2% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -32.0% | -18.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | 72.1 | – |
| 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 | IMAX | SPY |
|---|---|---|
| 2022 | -17.8% | -18.2% |
| 2023 | +2.5% | +26.2% |
| 2024 | +70.4% | +24.9% |
| 2025 | +44.4% | +17.7% |
| 2026 | +40.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMAX and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, IMAX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IMAX and SPY?
The IMAX/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.09, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IMAX?
Yes. With a correlation of 0.06, IMAX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 mean?
A reading of 0.06 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: IMAX correlations · SPY correlations
