MIRM vs SPY: Correlation
How closely do Mirum Pharmaceuticals, Inc. (MIRM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIRM and SPY?
Over the past 3 years, MIRM and SPY moved with a correlation of 0.25, 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 0.22, and the annualized covariance of weekly returns is 152.7 %².
Among the 11 assets we track against MIRM, SPY sits near the bottom by co-movement, at rank #7. On 12-month performance MIRM holds a 13.0-point edge, +33.6% against +20.6%. One caveat on sizing: MIRM is 3.0 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.
MIRM vs SPY: side by side
| MIRM (Mirum Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.6% | +20.6% |
| 5-year return | +522.7% | +82.4% |
| Volatility (ann.) | 43.0% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | $6.1B | – |
| 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 | MIRM | SPY |
|---|---|---|
| 2022 | +22.3% | -18.2% |
| 2023 | +51.4% | +26.2% |
| 2024 | +40.1% | +24.9% |
| 2025 | +91.0% | +17.7% |
| 2026 | +26.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIRM and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MIRM and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.18 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for MIRM?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
A reading of 0.25 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: MIRM correlations · SPY correlations
