IVVD vs SPY: Correlation
Invivyd, Inc. (IVVD) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVVD and SPY?
Across a 3-year window, the weekly returns of IVVD and SPY correlate at 0.09, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.12 lands near the 3-year figure. Stretching to 5 years gives 0.09, with an annualized covariance of 391.0 %².
Within IVVD's tracked universe of 24 assets, SPY comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.3 points (+3.3% versus +20.6%). Note the risk asymmetry: IVVD runs 21.1 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.
IVVD vs SPY: side by side
| IVVD (Invivyd, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.3% | +20.6% |
| 5-year return | -97.2% | +82.4% |
| Volatility (ann.) | 305.9% | 14.5% |
| Beta vs S&P 500 | 1.87 | 1.00 |
| Max drawdown (3Y) | -92.9% | -18.8% |
| Market cap | $0.3B | – |
| 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 | IVVD | SPY |
|---|---|---|
| 2022 | -79.3% | -18.2% |
| 2023 | +162.7% | +26.2% |
| 2024 | -88.8% | +24.9% |
| 2025 | +457.6% | +17.7% |
| 2026 | -63.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVVD and SPY good diversifiers for each other?
Yes. With a correlation of 0.09, IVVD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IVVD and SPY?
Using weekly returns as of 2026-08-27: 0.09 over 3 years, with 0.12 over the last year and 0.09 over 5 years.
Is SPY a good diversifier for IVVD?
Yes. With a correlation of 0.09, IVVD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 mean?
A reading of 0.09 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: IVVD correlations · SPY correlations
