IMTX vs SPY: Correlation
Measured on weekly returns over the past three years, Immatics N.V. (IMTX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMTX and SPY?
On 3 years of weekly data the IMTX/SPY correlation comes out at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.28 versus 0.40 over 3 years. The 5-year figure is 0.32, and annualized covariance runs at 338.0 %².
Out of 12 assets tracked against IMTX, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months IMTX outperformed by 52.7 percentage points (+73.3% for IMTX against +20.6% for SPY). Note the risk asymmetry: IMTX runs 4.0 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.
IMTX vs SPY: side by side
| IMTX (Immatics N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +73.3% | +20.6% |
| 5-year return | -25.9% | +82.4% |
| Volatility (ann.) | 57.9% | 14.5% |
| Beta vs S&P 500 | 1.62 | 1.00 |
| Max drawdown (3Y) | -74.1% | -18.8% |
| Market cap | $1.4B | – |
| 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 | IMTX | SPY |
|---|---|---|
| 2022 | -35.2% | -18.2% |
| 2023 | +20.9% | +26.2% |
| 2024 | -32.5% | +24.9% |
| 2025 | +47.7% | +17.7% |
| 2026 | -10.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMTX and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IMTX and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.28 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for IMTX?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 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: IMTX correlations · SPY correlations
