ALLR vs SPY: Correlation
How closely do Allarity Therapeutics, Inc. (ALLR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALLR and SPY?
Over the past 3 years, ALLR and SPY moved with a correlation of 0.17, which is weak. Recent behaviour matches the longer record: 0.21 over 1 year against 0.17 over 3. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 261.2 %².
Out of 10 assets tracked against ALLR, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 33.8 percentage points, -13.2% for ALLR against +20.6% for SPY. Risk is not evenly split, since ALLR carries 7.4 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.
ALLR vs SPY: side by side
| ALLR (Allarity Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.2% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 107.8% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -99.9% | -18.8% |
| Market cap | – | – |
| 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 | ALLR | SPY |
|---|---|---|
| 2022 | -97.2% | -18.2% |
| 2023 | -99.9% | +26.2% |
| 2024 | -99.6% | +24.9% |
| 2025 | -7.7% | +17.7% |
| 2026 | +27.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALLR and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALLR and SPY?
As of 2026-08-27, the correlation of weekly returns between ALLR and SPY is 0.17 over 3 years, 0.21 over 1 year and 0.16 over 5 years.
Is SPY a good diversifier for ALLR?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 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.
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Related comparisons
Hubs: ALLR correlations · SPY correlations
