NGNE vs SPY: Correlation
Measured on weekly returns over the past three years, Neurogene Inc. (NGNE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NGNE and SPY?
Across a 3-year window, the weekly returns of NGNE and SPY correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.23 versus 0.38 over 3 years. Stretching to 5 years gives 0.33, with an annualized covariance of 560.2 %².
Among the 15 assets we track against NGNE, SPY ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NGNE outperformed by 71.6 percentage points (+92.2% for NGNE against +20.6% for SPY). Risk is not evenly split, since NGNE carries 7.0 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.
NGNE vs SPY: side by side
| NGNE (Neurogene Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +92.2% | +20.6% |
| 5-year return | -76.7% | +82.4% |
| Volatility (ann.) | 102.1% | 14.5% |
| Beta vs S&P 500 | 2.68 | 1.00 |
| Max drawdown (3Y) | -89.7% | -18.8% |
| Market cap | $0.8B | – |
| 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 | NGNE | SPY |
|---|---|---|
| 2022 | -89.4% | -18.2% |
| 2023 | +90.4% | +26.2% |
| 2024 | +18.0% | +24.9% |
| 2025 | -9.9% | +17.7% |
| 2026 | +83.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NGNE and SPY good diversifiers for each other?
Reasonably. At 0.38, NGNE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NGNE and SPY?
The NGNE/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.23, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NGNE?
Reasonably. At 0.38, NGNE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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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Hubs: NGNE correlations · SPY correlations
