ADAG vs SPY: Correlation
Measured on weekly returns over the past three years, Adagene Inc. (ADAG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADAG and SPY?
Over the past 3 years, ADAG and SPY moved with a correlation of 0.07, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.03) sits close to the 3-year figure. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 100.6 %².
Among the 15 assets we track against ADAG, SPY ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ADAG outperformed by 57.5 percentage points (+78.1% for ADAG against +20.6% for SPY). Risk is not evenly split, since ADAG carries 6.4 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.
ADAG vs SPY: side by side
| ADAG (Adagene Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +78.1% | +20.6% |
| 5-year return | -76.8% | +82.4% |
| Volatility (ann.) | 93.1% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -66.5% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
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 | ADAG | SPY |
|---|---|---|
| 2022 | -83.6% | -18.2% |
| 2023 | +45.7% | +26.2% |
| 2024 | +3.1% | +24.9% |
| 2025 | -5.0% | +17.7% |
| 2026 | +106.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADAG and SPY good diversifiers for each other?
Yes. With a correlation of 0.07, ADAG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ADAG and SPY?
The ADAG/SPY correlation stands at 0.07 on a 3-year window (1 year: 0.03, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ADAG?
Yes. With a correlation of 0.07, ADAG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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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Hubs: ADAG correlations · SPY correlations
