REGN vs SPY: Correlation
Measured on weekly returns over the past three years, Regeneron Pharmaceuticals (REGN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REGN and SPY?
Over the past 3 years, REGN and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.06) than the 3-year average (0.28). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 127.9 %².
Among the 27 assets we track against REGN, SPY ranks #16 by 3-year correlation. The last year tells two different stories: REGN led by 17.7 percentage points, +38.3% for REGN against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.06 and 0.51, a moderate band. Note the risk asymmetry: REGN runs 2.2 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.
REGN vs SPY: side by side
| REGN (Regeneron Pharmaceuticals) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +38.3% | +20.6% |
| 5-year return | +20.4% | +82.4% |
| Volatility (ann.) | 31.8% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -59.7% | -18.8% |
| Market cap | $83.2B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.45% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | REGN | SPY |
|---|---|---|
| 2022 | +14.2% | -18.2% |
| 2023 | +21.7% | +26.2% |
| 2024 | -18.9% | +24.9% |
| 2025 | +9.0% | +17.7% |
| 2026 | +5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds REGN at a 0.12% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are REGN and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between REGN and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.06 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for REGN?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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: REGN correlations · SPY correlations
