INO vs SPY: Correlation
Measured on weekly returns over the past three years, Inovio Pharmaceuticals, Inc. (INO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INO and SPY?
On 3 years of weekly data the INO/SPY correlation comes out at 0.23, weak. The relationship has been stable: the 1-year correlation (0.14) sits close to the 3-year figure. The 5-year figure is 0.32, and annualized covariance runs at 324.7 %².
Among the 11 assets we track against INO, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 69.4 points (-48.8% versus +20.6%). Note the risk asymmetry: INO runs 6.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
INO vs SPY: side by side
| INO (Inovio Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -48.8% | +20.6% |
| 5-year return | -98.8% | +82.4% |
| Volatility (ann.) | 99.4% | 14.5% |
| Beta vs S&P 500 | 1.55 | 1.00 |
| Max drawdown (3Y) | -95.2% | -18.8% |
| Market cap | $0.1B | – |
| 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 | INO | SPY |
|---|---|---|
| 2022 | -68.7% | -18.2% |
| 2023 | -67.3% | +26.2% |
| 2024 | -70.1% | +24.9% |
| 2025 | -4.9% | +17.7% |
| 2026 | -27.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INO and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between INO and SPY?
As of 2026-08-27, the correlation of weekly returns between INO and SPY is 0.23 over 3 years, 0.14 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for INO?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ino-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ino-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INO correlations · SPY correlations
