INDV vs SPY: Correlation
How closely do Indivior Pharmaceuticals, Inc. (INDV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDV and SPY?
Over the past 3 years, INDV and SPY moved with a correlation of 0.12, which is weak. Little has changed lately, as the 1-year reading of 0.04 lands near the 3-year figure. Over 5 years the correlation is 0.06, and the annualized covariance of weekly returns is 97.6 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against INDV. The last year tells two different stories: INDV led by 24.3 percentage points, +44.9% for INDV against +20.6% for SPY. One caveat on sizing: INDV is 3.8 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.
INDV vs SPY: side by side
| INDV (Indivior Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +44.9% | +20.6% |
| 5-year return | +166.9% | +82.4% |
| Volatility (ann.) | 55.2% | 14.5% |
| Beta vs S&P 500 | 0.47 | 1.00 |
| Max drawdown (3Y) | -67.7% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 12.7 | – |
| 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 | INDV | SPY |
|---|---|---|
| 2022 | +26.1% | -18.2% |
| 2023 | -29.8% | +26.2% |
| 2024 | -18.6% | +24.9% |
| 2025 | +188.7% | +17.7% |
| 2026 | -1.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDV and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDV and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with 0.04 over the last year and 0.06 over 5 years.
Is SPY a good diversifier for INDV?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
A reading of 0.12 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: INDV correlations · SPY correlations
