IMRX vs SPY: Correlation
Immuneering Corporation (IMRX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMRX and SPY?
Over the past 3 years, IMRX and SPY moved with a correlation of 0.27, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.27 over 3 years. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 447.8 %².
Out of 11 assets tracked against IMRX, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 20.2 percentage points (+0.4% for IMRX against +20.6% for SPY). Note the risk asymmetry: IMRX runs 8.0 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.
IMRX vs SPY: side by side
| IMRX (Immuneering Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.4% | +20.6% |
| 5-year return | -80.2% | +82.4% |
| Volatility (ann.) | 116.1% | 14.5% |
| Beta vs S&P 500 | 2.14 | 1.00 |
| Max drawdown (3Y) | -88.7% | -18.8% |
| Market cap | $0.3B | – |
| 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 | IMRX | SPY |
|---|---|---|
| 2022 | -70.0% | -18.2% |
| 2023 | +51.5% | +26.2% |
| 2024 | -70.1% | +24.9% |
| 2025 | +199.1% | +17.7% |
| 2026 | -20.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMRX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IMRX and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.16 over the last year and 0.17 over 5 years.
Is SPY a good diversifier for IMRX?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: IMRX correlations · SPY correlations
