NBIX vs SPY: Correlation
Neurocrine Biosciences, Inc. (NBIX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBIX and SPY?
Over the past 3 years, NBIX and SPY moved with a correlation of 0.27, which is weak. Little has changed lately, as the 1-year reading of 0.20 lands near the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 125.1 %².
Among the 10 assets we track against NBIX, SPY sits near the bottom by co-movement, at rank #6. The trailing year gives SPY the advantage: +12.9% versus +20.6%, a 7.7-point spread. Risk is not evenly split, since NBIX carries 2.2 times the volatility of the other side.
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.
NBIX vs SPY: side by side
| NBIX (Neurocrine Biosciences, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.9% | +20.6% |
| 5-year return | +62.5% | +82.4% |
| Volatility (ann.) | 31.8% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -42.9% | -18.8% |
| Market cap | $15.8B | – |
| P/E (trailing) | 22.9 | – |
| 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 | NBIX | SPY |
|---|---|---|
| 2022 | +40.2% | -18.2% |
| 2023 | +10.3% | +26.2% |
| 2024 | +3.6% | +24.9% |
| 2025 | +3.9% | +17.7% |
| 2026 | +9.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBIX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NBIX and SPY?
As of 2026-08-27, the correlation of weekly returns between NBIX and SPY is 0.27 over 3 years, 0.20 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for NBIX?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 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: NBIX correlations · SPY correlations
