MRVI vs SPY: Correlation
Measured on weekly returns over the past three years, Maravai LifeSciences Holdings, Inc. (MRVI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRVI and SPY?
On 3 years of weekly data the MRVI/SPY correlation comes out at 0.23, weak. The past 12 months show a weaker link (0.00) than the 3-year average (0.23). The 5-year figure is 0.22, and annualized covariance runs at 281.1 %².
SPY is close to the least connected end of MRVI's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months MRVI outperformed by 238.6 percentage points (+259.2% for MRVI against +20.6% for SPY). Note the risk asymmetry: MRVI runs 5.9 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.
MRVI vs SPY: side by side
| MRVI (Maravai LifeSciences Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +259.2% | +20.6% |
| 5-year return | -86.0% | +82.4% |
| Volatility (ann.) | 85.9% | 14.5% |
| Beta vs S&P 500 | 1.35 | 1.00 |
| Max drawdown (3Y) | -84.8% | -18.8% |
| Market cap | $3.1B | – |
| 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 | MRVI | SPY |
|---|---|---|
| 2022 | -65.8% | -18.2% |
| 2023 | -54.2% | +26.2% |
| 2024 | -16.8% | +24.9% |
| 2025 | -40.4% | +17.7% |
| 2026 | +157.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRVI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MRVI and SPY?
The MRVI/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.00, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MRVI?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 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: MRVI correlations · SPY correlations
