QGEN vs SPY: Correlation
Measured on weekly returns over the past three years, Qiagen N.V. (QGEN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QGEN and SPY?
Over the past 3 years, QGEN and SPY moved with a correlation of 0.34, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.34). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 137.4 %².
Among the 11 assets we track against QGEN, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 28.6 points (-8.0% versus +20.6%). Note the risk asymmetry: QGEN runs 1.9 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.
QGEN vs SPY: side by side
| QGEN (Qiagen N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.0% | +20.6% |
| 5-year return | -20.9% | +82.4% |
| Volatility (ann.) | 27.8% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -41.4% | -18.8% |
| Market cap | $9.0B | – |
| P/E (trailing) | 22.2 | – |
| Dividend yield | 0.84% | 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 | QGEN | SPY |
|---|---|---|
| 2022 | -10.3% | -18.2% |
| 2023 | -12.9% | +26.2% |
| 2024 | +2.4% | +24.9% |
| 2025 | +1.5% | +17.7% |
| 2026 | -1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QGEN and SPY good diversifiers for each other?
Reasonably. At 0.34, QGEN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QGEN and SPY?
The QGEN/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.17, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for QGEN?
Reasonably. At 0.34, QGEN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: QGEN correlations · SPY correlations
