SPY vs VIR: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vir Biotechnology, Inc. (VIR) carry a correlation of 0.18, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VIR?
On 3 years of weekly data the SPY/VIR correlation comes out at 0.18, weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. The 5-year figure is 0.18, and annualized covariance runs at 178.2 %².
Among the 4755 assets we track against SPY, VIR ranks #3497 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VIR outperformed by 95.7 percentage points (+20.6% for SPY against +116.3% for VIR). Note the risk asymmetry: VIR runs 4.6 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 VIR: side by side
| SPY (SPDR S&P 500 ETF Trust) | VIR (Vir Biotechnology, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +116.3% |
| 5-year return | +82.4% | -77.3% |
| Volatility (ann.) | 14.5% | 67.1% |
| Beta vs S&P 500 | 1.00 | 0.85 |
| Max drawdown (3Y) | -18.8% | -67.4% |
| Market cap | – | $1.9B |
| 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 | VIR |
|---|---|---|
| 2022 | -18.2% | -39.6% |
| 2023 | +26.2% | -60.3% |
| 2024 | +24.9% | -27.0% |
| 2025 | +17.7% | -17.8% |
| 2026 | +13.7% | +87.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VIR good diversifiers for each other?
Yes. With a correlation of 0.18, SPY and VIR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and VIR?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.23 over the last year and 0.18 over 5 years.
Is VIR a good diversifier for SPY?
Yes. With a correlation of 0.18, SPY and VIR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 mean?
A reading of 0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vir.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-vir/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · VIR correlations
