RVMD vs SPY: Correlation
Measured on weekly returns over the past three years, Revolution Medicines, Inc. (RVMD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RVMD and SPY?
Over the past 3 years, RVMD and SPY moved with a correlation of 0.37, which is moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 343.4 %².
SPY is close to the least connected end of RVMD's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with RVMD ahead by 460.8 points (+481.4% versus +20.6%). Note the risk asymmetry: RVMD runs 4.5 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.
RVMD vs SPY: side by side
| RVMD (Revolution Medicines, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +481.4% | +20.6% |
| 5-year return | +680.1% | +82.4% |
| Volatility (ann.) | 64.9% | 14.5% |
| Beta vs S&P 500 | 1.64 | 1.00 |
| Max drawdown (3Y) | -48.6% | -18.8% |
| Market cap | $47.4B | – |
| 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 | RVMD | SPY |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | +20.4% | +26.2% |
| 2024 | +52.5% | +24.9% |
| 2025 | +82.1% | +17.7% |
| 2026 | +177.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RVMD and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RVMD and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.41 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for RVMD?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
A reading of 0.37 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: RVMD correlations · SPY correlations
