NEO vs SPY: Correlation
How closely do NeoGenomics, Inc. (NEO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEO and SPY?
On 3 years of weekly data the NEO/SPY correlation comes out at 0.28, weak. Little has changed lately, as the 1-year reading of 0.19 lands near the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 244.6 %².
Among the 11 assets we track against NEO, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months NEO outperformed by 142.7 percentage points (+163.3% for NEO against +20.6% for SPY). Note the risk asymmetry: NEO runs 4.1 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.
NEO vs SPY: side by side
| NEO (NeoGenomics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +163.3% | +20.6% |
| 5-year return | -62.1% | +82.4% |
| Volatility (ann.) | 59.7% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -76.7% | -18.8% |
| Market cap | $2.4B | – |
| 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 | NEO | SPY |
|---|---|---|
| 2022 | -72.9% | -18.2% |
| 2023 | +75.1% | +26.2% |
| 2024 | +1.9% | +24.9% |
| 2025 | -28.6% | +17.7% |
| 2026 | +58.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEO and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NEO and SPY?
The NEO/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.19, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NEO?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NEO correlations · SPY correlations
