SPY vs VNRX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and VolitionRX Limited (VNRX) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VNRX?
On 3 years of weekly data the SPY/VNRX correlation comes out at 0.12, weak. Lately the two have moved closer together, with the 1-year correlation at 0.29 versus 0.12 over 3 years. The 5-year figure is 0.19, and annualized covariance runs at 181.4 %².
Among the 4755 assets we track against SPY, VNRX ranks #3973 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 116.9 points (+20.6% versus -96.3%). One caveat on sizing: VNRX is 7.0 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 VNRX: side by side
| SPY (SPDR S&P 500 ETF Trust) | VNRX (VolitionRX Limited) | |
|---|---|---|
| 1-year return | +20.6% | -96.3% |
| 5-year return | +82.4% | -99.2% |
| Volatility (ann.) | 14.5% | 101.1% |
| Beta vs S&P 500 | 1.00 | 0.87 |
| Max drawdown (3Y) | -18.8% | -98.7% |
| Market cap | – | – |
| 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 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 | SPY | VNRX |
|---|---|---|
| 2022 | -18.2% | -22.6% |
| 2023 | +26.2% | -70.4% |
| 2024 | +24.9% | -16.7% |
| 2025 | +17.7% | -56.7% |
| 2026 | +13.7% | -90.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VNRX good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and VNRX?
As of 2026-08-27, the correlation of weekly returns between SPY and VNRX is 0.12 over 3 years, 0.29 over 1 year and 0.19 over 5 years.
Is VNRX a good diversifier for SPY?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 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-vnrx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-vnrx/)
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Related comparisons
Hubs: SPY correlations · VNRX correlations
