SPY vs VRAX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Virax Biolabs Group Limited (VRAX) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VRAX?
Over the past 3 years, SPY and VRAX moved with a correlation of 0.23, which is weak. Recent behaviour matches the longer record: 0.25 over 1 year against 0.23 over 3. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 533.3 %².
Among the 4755 assets we track against SPY, VRAX ranks #2994 by 3-year correlation. The last year tells two different stories: SPY led by 100.8 percentage points, +20.6% for SPY against -80.2% for VRAX. Risk is not evenly split, since VRAX carries 10.9 times the volatility of the other side.
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 VRAX: side by side
| SPY (SPDR S&P 500 ETF Trust) | VRAX (Virax Biolabs Group Limited) | |
|---|---|---|
| 1-year return | +20.6% | -80.2% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 158.1% |
| Beta vs S&P 500 | 1.00 | 2.55 |
| Max drawdown (3Y) | -18.8% | -98.4% |
| 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, 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 | VRAX |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | -80.0% |
| 2024 | +24.9% | +54.1% |
| 2025 | +17.7% | -84.6% |
| 2026 | +13.7% | -66.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VRAX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VRAX?
As of 2026-08-27, the correlation of weekly returns between SPY and VRAX is 0.23 over 3 years, 0.25 over 1 year and 0.15 over 5 years.
Is VRAX a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: SPY correlations · VRAX correlations
