PHVS vs SPY: Correlation
How closely do Pharvaris N.V. (PHVS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHVS and SPY?
Over the past 3 years, PHVS and SPY moved with a correlation of 0.17, which is weak. The relationship has been stable: the 1-year correlation (0.24) sits close to the 3-year figure. Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is 141.8 %².
SPY is close to the least connected end of PHVS's tracked universe, ranking #6 of 10. The last year tells two different stories: PHVS led by 35.0 percentage points, +55.6% for PHVS against +20.6% for SPY. One caveat on sizing: PHVS is 4.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PHVS vs SPY: side by side
| PHVS (Pharvaris N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.6% | +20.6% |
| 5-year return | +76.4% | +82.4% |
| Volatility (ann.) | 59.0% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -63.1% | -18.8% |
| Market cap | $2.6B | – |
| 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 | PHVS | SPY |
|---|---|---|
| 2022 | -21.8% | -18.2% |
| 2023 | +149.3% | +26.2% |
| 2024 | -31.7% | +24.9% |
| 2025 | +44.8% | +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 PHVS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between PHVS and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with 0.24 over the last year and -0.05 over 5 years.
Is SPY a good diversifier for PHVS?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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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Related comparisons
Hubs: PHVS correlations · SPY correlations
