INSM vs SPY: Correlation
How closely do Insmed Incorporated (INSM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INSM and SPY?
Over the past 3 years, INSM and SPY moved with a correlation of 0.11, which is weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 155.6 %².
Out of 11 assets tracked against INSM, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 30.4 percentage points (-9.8% for INSM against +20.6% for SPY). One caveat on sizing: INSM is 6.9 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.
INSM vs SPY: side by side
| INSM (Insmed Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.8% | +20.6% |
| 5-year return | +339.0% | +82.4% |
| Volatility (ann.) | 100.1% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -56.5% | -18.8% |
| Market cap | $26.5B | – |
| 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 | INSM | SPY |
|---|---|---|
| 2022 | -26.7% | -18.2% |
| 2023 | +55.1% | +26.2% |
| 2024 | +122.8% | +24.9% |
| 2025 | +152.1% | +17.7% |
| 2026 | -30.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INSM and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between INSM and SPY?
The INSM/SPY correlation stands at 0.11 on a 3-year window (1 year: 0.18, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for INSM?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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.
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Related comparisons
Hubs: INSM correlations · SPY correlations
