IMVT vs SPY: Correlation
How closely do Immunovant, Inc. (IMVT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMVT and SPY?
Across a 3-year window, the weekly returns of IMVT and SPY correlate at 0.18, weak. Recent behaviour matches the longer record: 0.25 over 1 year against 0.18 over 3. Stretching to 5 years gives 0.25, with an annualized covariance of 185.2 %².
SPY is close to the least connected end of IMVT's tracked universe, ranking #10 of 14. Correlation aside, the last 12 months split them widely, with IMVT ahead by 168.1 points (+188.7% versus +20.6%). Risk is not evenly split, since IMVT carries 4.9 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.
IMVT vs SPY: side by side
| IMVT (Immunovant, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +188.7% | +20.6% |
| 5-year return | +424.8% | +82.4% |
| Volatility (ann.) | 71.0% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -69.9% | -18.8% |
| Market cap | $9.1B | – |
| 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 | IMVT | SPY |
|---|---|---|
| 2022 | +108.3% | -18.2% |
| 2023 | +137.4% | +26.2% |
| 2024 | -41.2% | +24.9% |
| 2025 | +2.6% | +17.7% |
| 2026 | +72.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMVT and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, IMVT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IMVT and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.25 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for IMVT?
Yes. With a correlation of 0.18, IMVT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 mean?
A reading of 0.18 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: IMVT correlations · SPY correlations
