IREN vs SPY: Correlation
IREN Limited (IREN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IREN and SPY?
Over the past 3 years, IREN and SPY moved with a correlation of 0.37, which is moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 584.6 %².
Out of 13 assets tracked against IREN, SPY lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with IREN ahead by 60.7 points (+81.3% versus +20.6%). One caveat on sizing: IREN is 7.5 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.
IREN vs SPY: side by side
| IREN (IREN Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +81.3% | +20.6% |
| 5-year return | +65.8% | +82.4% |
| Volatility (ann.) | 109.0% | 14.5% |
| Beta vs S&P 500 | 2.80 | 1.00 |
| Max drawdown (3Y) | -65.6% | -18.8% |
| Market cap | $14.5B | – |
| P/E (trailing) | 51.3 | – |
| 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 | IREN | SPY |
|---|---|---|
| 2022 | -92.3% | -18.2% |
| 2023 | +472.0% | +26.2% |
| 2024 | +37.3% | +24.9% |
| 2025 | +284.6% | +17.7% |
| 2026 | +7.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IREN and SPY good diversifiers for each other?
Reasonably. At 0.37, IREN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IREN and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.42 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for IREN?
Reasonably. At 0.37, IREN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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/iren-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iren-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IREN correlations · SPY correlations
