INM vs SPY: Correlation
InMed Pharmaceuticals Inc. (INM) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INM and SPY?
On 3 years of weekly data the INM/SPY correlation comes out at 0.22, weak. Recent behaviour matches the longer record: 0.16 over 1 year against 0.22 over 3. The 5-year figure is 0.24, and annualized covariance runs at 547.9 %².
Among the 18 assets we track against INM, SPY sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with SPY ahead by 57.0 points (-36.4% versus +20.6%). Risk is not evenly split, since INM carries 11.7 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.
INM vs SPY: side by side
| INM (InMed Pharmaceuticals Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.4% | +20.6% |
| 5-year return | -99.9% | +82.4% |
| Volatility (ann.) | 169.8% | 14.5% |
| Beta vs S&P 500 | 2.62 | 1.00 |
| Max drawdown (3Y) | -96.9% | -18.8% |
| Market cap | – | – |
| 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 | INM | SPY |
|---|---|---|
| 2022 | -93.8% | -18.2% |
| 2023 | -79.4% | +26.2% |
| 2024 | -43.0% | +24.9% |
| 2025 | -77.6% | +17.7% |
| 2026 | +34.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INM and SPY good diversifiers for each other?
Reasonably. At 0.22, INM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INM and SPY?
The INM/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.16, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for INM?
Reasonably. At 0.22, INM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/inm-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/inm-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INM correlations · SPY correlations
