IQV vs SPY: Correlation
Measured on weekly returns over the past three years, IQVIA (IQV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQV and SPY?
On 3 years of weekly data the IQV/SPY correlation comes out at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.25 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 194.3 %².
Within IQV's tracked universe of 37 assets, SPY comes in at #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IQV ahead by 18.4 points (+39.0% versus +20.6%). This link changes with the market regime, having swung between 0.29 and 0.84 on a rolling one-year basis. Note the risk asymmetry: IQV runs 2.6 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.
IQV vs SPY: side by side
| IQV (IQVIA) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.0% | +20.6% |
| 5-year return | +0.3% | +82.4% |
| Volatility (ann.) | 37.9% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -47.1% | -18.8% |
| Market cap | $43.2B | – |
| P/E (trailing) | 32.6 | – |
| 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 | IQV | SPY |
|---|---|---|
| 2022 | -27.4% | -18.2% |
| 2023 | +12.9% | +26.2% |
| 2024 | -15.1% | +24.9% |
| 2025 | +14.7% | +17.7% |
| 2026 | +16.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
IQV represents 0.07% of SPY's portfolio, so part of any move in SPY is IQV itself, and the correlation between them is partly mechanical.
Are IQV and SPY good diversifiers for each other?
Reasonably. At 0.35, IQV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IQV and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.25 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for IQV?
Reasonably. At 0.35, IQV and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: IQV correlations · SPY correlations
