SPY vs SUPN: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Supernus Pharmaceuticals, Inc. (SUPN) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SUPN?
Over the past 3 years, SPY and SUPN moved with a correlation of 0.31, which is moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 143.7 %².
Within SPY's tracked universe of 4755 assets, SUPN comes in at #2115 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.6 percentage points (+20.6% for SPY against -2.0% for SUPN). Note the risk asymmetry: SUPN 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.
SPY vs SUPN: side by side
| SPY (SPDR S&P 500 ETF Trust) | SUPN (Supernus Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -2.0% |
| 5-year return | +82.4% | +67.3% |
| Volatility (ann.) | 14.5% | 32.5% |
| Beta vs S&P 500 | 1.00 | 0.69 |
| Max drawdown (3Y) | -18.8% | -30.1% |
| Market cap | – | $2.6B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SUPN |
|---|---|---|
| 2022 | -18.2% | +22.3% |
| 2023 | +26.2% | -18.9% |
| 2024 | +24.9% | +24.9% |
| 2025 | +17.7% | +37.4% |
| 2026 | +13.7% | -11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SUPN good diversifiers for each other?
Reasonably. At 0.31, SPY and SUPN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SUPN?
The SPY/SUPN correlation stands at 0.31 on a 3-year window (1 year: 0.29, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SUPN a good diversifier for SPY?
Reasonably. At 0.31, SPY and SUPN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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: SPY correlations · SUPN correlations
