INBX vs SPY: Correlation
How closely do Inhibrx Biosciences, Inc. (INBX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INBX and SPY?
Across a 3-year window, the weekly returns of INBX and SPY correlate at 0.23, weak. The link has tightened recently: the 1-year correlation (0.36) runs above the 3-year figure (0.23). Stretching to 5 years gives n/a, with an annualized covariance of 280.1 %².
Within INBX's tracked universe of 16 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with INBX ahead by 331.7 points (+352.3% versus +20.6%). Risk is not evenly split, since INBX carries 5.6 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.
INBX vs SPY: side by side
| INBX (Inhibrx Biosciences, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +352.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 80.6% | 14.5% |
| Beta vs S&P 500 | 1.34 | 1.00 |
| Max drawdown (3Y) | -44.1% | -18.8% |
| Market cap | $1.8B | – |
| 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 | INBX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +413.0% | +17.7% |
| 2026 | +56.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INBX and SPY good diversifiers for each other?
Reasonably. At 0.23, INBX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INBX and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.36 over the last year and n/a over 5 years.
Is SPY a good diversifier for INBX?
Reasonably. At 0.23, INBX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 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: INBX correlations · SPY correlations
