SPY vs SVRA: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Savara, Inc. (SVRA) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SVRA?
Across a 3-year window, the weekly returns of SPY and SVRA correlate at 0.31, moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.31 over 3. Stretching to 5 years gives 0.29, with an annualized covariance of 239.9 %².
Among the 4755 assets we track against SPY, SVRA ranks #2117 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SVRA outperformed by 46.3 percentage points (+20.6% for SPY against +66.9% for SVRA). One caveat on sizing: SVRA is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SVRA: side by side
| SPY (SPDR S&P 500 ETF Trust) | SVRA (Savara, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +66.9% |
| 5-year return | +82.4% | +286.6% |
| Volatility (ann.) | 14.5% | 53.3% |
| Beta vs S&P 500 | 1.00 | 1.15 |
| Max drawdown (3Y) | -18.8% | -65.3% |
| Market cap | – | $1.1B |
| 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 |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SVRA |
|---|---|---|
| 2022 | -18.2% | +25.0% |
| 2023 | +26.2% | +203.2% |
| 2024 | +24.9% | -34.7% |
| 2025 | +17.7% | +96.4% |
| 2026 | +13.7% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SVRA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and SVRA?
The SPY/SVRA correlation stands at 0.31 on a 3-year window (1 year: 0.32, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SVRA a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-svra.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-svra/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · SVRA correlations
