IMDX vs SPY: Correlation
Measured on weekly returns over the past three years, Insight Molecular Diagnostics Inc. (IMDX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMDX and SPY?
Across a 3-year window, the weekly returns of IMDX and SPY correlate at 0.17, weak. The past 12 months show a tighter link (0.38) than the 3-year average (0.17). Stretching to 5 years gives 0.21, with an annualized covariance of 213.7 %².
SPY is close to the least connected end of IMDX's tracked universe, ranking #6 of 10. The last year tells two different stories: IMDX led by 52.4 percentage points, +73.0% for IMDX against +20.6% for SPY. Risk is not evenly split, since IMDX carries 6.2 times the volatility of the other side.
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.
IMDX vs SPY: side by side
| IMDX (Insight Molecular Diagnostics Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +73.0% | +20.6% |
| 5-year return | -94.7% | +82.4% |
| Volatility (ann.) | 89.4% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -69.9% | -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 | IMDX | SPY |
|---|---|---|
| 2022 | -85.2% | -18.2% |
| 2023 | -61.1% | +26.2% |
| 2024 | -4.8% | +24.9% |
| 2025 | +215.1% | +17.7% |
| 2026 | -42.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMDX and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, IMDX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IMDX and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with 0.38 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for IMDX?
Yes. With a correlation of 0.17, IMDX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 mean?
A reading of 0.17 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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Related comparisons
Hubs: IMDX correlations · SPY correlations
