PHAR vs SPY: Correlation
Measured on weekly returns over the past three years, Pharming Group N.V. (PHAR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHAR and SPY?
Over the past 3 years, PHAR and SPY moved with a correlation of 0.14, which is weak. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 108.6 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against PHAR. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.3 points (-15.7% versus +20.6%). Note the risk asymmetry: PHAR runs 3.6 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.
PHAR vs SPY: side by side
| PHAR (Pharming Group N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.7% | +20.6% |
| 5-year return | +11.7% | +82.4% |
| Volatility (ann.) | 52.7% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -57.3% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 84.1 | – |
| 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 | PHAR | SPY |
|---|---|---|
| 2022 | +23.4% | -18.2% |
| 2023 | +3.6% | +26.2% |
| 2024 | -11.9% | +24.9% |
| 2025 | +75.6% | +17.7% |
| 2026 | -33.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHAR and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, PHAR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PHAR and SPY?
The PHAR/SPY correlation stands at 0.14 on a 3-year window (1 year: 0.11, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PHAR?
Yes. With a correlation of 0.14, PHAR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
A reading of 0.14 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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Related comparisons
Hubs: PHAR correlations · SPY correlations
