NRIX vs SPY: Correlation
How closely do Nurix Therapeutics, Inc. (NRIX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRIX and SPY?
Over the past 3 years, NRIX and SPY moved with a correlation of 0.34, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.34 over 3 years. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 380.6 %².
SPY is close to the least connected end of NRIX's tracked universe, ranking #9 of 13. The last year tells two different stories: NRIX led by 160.8 percentage points, +181.4% for NRIX against +20.6% for SPY. Note the risk asymmetry: NRIX runs 5.4 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.
NRIX vs SPY: side by side
| NRIX (Nurix Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +181.4% | +20.6% |
| 5-year return | -19.6% | +82.4% |
| Volatility (ann.) | 77.6% | 14.5% |
| Beta vs S&P 500 | 1.82 | 1.00 |
| Max drawdown (3Y) | -70.7% | -18.8% |
| Market cap | $2.8B | – |
| 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 | NRIX | SPY |
|---|---|---|
| 2022 | -62.1% | -18.2% |
| 2023 | -6.0% | +26.2% |
| 2024 | +82.6% | +24.9% |
| 2025 | +0.7% | +17.7% |
| 2026 | +41.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRIX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NRIX and SPY?
The NRIX/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.10, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NRIX?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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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Hubs: NRIX correlations · SPY correlations
