NVAX vs SPY: Correlation
Measured on weekly returns over the past three years, Novavax, Inc. (NVAX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVAX and SPY?
Across a 3-year window, the weekly returns of NVAX and SPY correlate at 0.30, moderate. The past 12 months show a tighter link (0.47) than the 3-year average (0.30). Stretching to 5 years gives 0.35, with an annualized covariance of 369.1 %².
Within NVAX's tracked universe of 16 assets, SPY comes in at #10 by 3-year correlation. Their 12-month results are close: +19.4% for NVAX against +20.6% for SPY. Note the risk asymmetry: NVAX runs 6.0 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.
NVAX vs SPY: side by side
| NVAX (Novavax, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.4% | +20.6% |
| 5-year return | -96.1% | +82.4% |
| Volatility (ann.) | 86.3% | 14.5% |
| Beta vs S&P 500 | 1.77 | 1.00 |
| Max drawdown (3Y) | -74.1% | -18.8% |
| Market cap | $1.5B | – |
| 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 | NVAX | SPY |
|---|---|---|
| 2022 | -92.8% | -18.2% |
| 2023 | -53.3% | +26.2% |
| 2024 | +67.5% | +24.9% |
| 2025 | -16.4% | +17.7% |
| 2026 | +34.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVAX and SPY good diversifiers for each other?
Reasonably. At 0.30, NVAX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NVAX and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.47 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for NVAX?
Reasonably. At 0.30, NVAX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nvax-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nvax-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NVAX correlations · SPY correlations
