NERV vs SPY: Correlation
How closely do Minerva Neurosciences, Inc (NERV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NERV and SPY?
On 3 years of weekly data the NERV/SPY correlation comes out at 0.23, weak. Recent behaviour matches the longer record: 0.17 over 1 year against 0.23 over 3. The 5-year figure is 0.04, and annualized covariance runs at 335.8 %².
Among the 12 assets we track against NERV, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months NERV outperformed by 95.9 percentage points (+116.5% for NERV against +20.6% for SPY). Note the risk asymmetry: NERV runs 6.8 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.
NERV vs SPY: side by side
| NERV (Minerva Neurosciences, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +116.5% | +20.6% |
| 5-year return | -63.8% | +82.4% |
| Volatility (ann.) | 99.2% | 14.5% |
| Beta vs S&P 500 | 1.61 | 1.00 |
| Max drawdown (3Y) | -89.3% | -18.8% |
| Market cap | $0.2B | – |
| 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 | NERV | SPY |
|---|---|---|
| 2022 | -75.2% | -18.2% |
| 2023 | +286.8% | +26.2% |
| 2024 | -63.9% | +24.9% |
| 2025 | +80.9% | +17.7% |
| 2026 | +27.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NERV and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NERV and SPY?
The NERV/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.17, 5 years: 0.04), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NERV?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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: NERV correlations · SPY correlations
