REPL vs SPY: Correlation
Replimune Group, Inc. (REPL) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REPL and SPY?
Over the past 3 years, REPL and SPY moved with a correlation of 0.05, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.03 over 1 year against 0.05 over 3. Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is 100.5 %².
Within REPL's tracked universe of 27 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months REPL outperformed by 161.5 percentage points (+182.1% for REPL against +20.6% for SPY). Risk is not evenly split, since REPL carries 10.6 times the volatility of the other side.
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.
REPL vs SPY: side by side
| REPL (Replimune Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +182.1% | +20.6% |
| 5-year return | -50.4% | +82.4% |
| Volatility (ann.) | 153.7% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -92.0% | -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 | REPL | SPY |
|---|---|---|
| 2022 | +0.4% | -18.2% |
| 2023 | -69.0% | +26.2% |
| 2024 | +43.7% | +24.9% |
| 2025 | -19.7% | +17.7% |
| 2026 | +60.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REPL and SPY good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between REPL and SPY?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with 0.03 over the last year and 0.09 over 5 years.
Is SPY a good diversifier for REPL?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 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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Related comparisons
Hubs: REPL correlations · SPY correlations
