INCY vs SPY: Correlation
Incyte (INCY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INCY and SPY?
Across a 3-year window, the weekly returns of INCY and SPY correlate at 0.20, weak. The past 12 months show a weaker link (0.05) than the 3-year average (0.20). Stretching to 5 years gives 0.24, with an annualized covariance of 93.5 %².
By 3-year correlation, SPY places #24 of the 35 assets tracked against INCY. Their recent paths diverged sharply: over the last 12 months INCY outperformed by 30.0 percentage points (+50.6% for INCY against +20.6% for SPY). On a rolling one-year basis the correlation drifted between 0.06 and 0.54, a moderate band. One caveat on sizing: INCY is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
INCY vs SPY: side by side
| INCY (Incyte) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.6% | +20.6% |
| 5-year return | +68.0% | +82.4% |
| Volatility (ann.) | 33.1% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -33.8% | -18.8% |
| Market cap | $25.9B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | INCY | SPY |
|---|---|---|
| 2022 | +9.4% | -18.2% |
| 2023 | -21.8% | +26.2% |
| 2024 | +10.0% | +24.9% |
| 2025 | +43.0% | +17.7% |
| 2026 | +29.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INCY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between INCY and SPY?
As of 2026-08-27, the correlation of weekly returns between INCY and SPY is 0.20 over 3 years, 0.05 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for INCY?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 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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Hubs: INCY correlations · SPY correlations
