ALMS vs SPY: Correlation
How closely do Alumis Inc. (ALMS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALMS and SPY?
Over the past 3 years, ALMS and SPY moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.05 versus -0.16 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -313.6 %².
By 3-year correlation, SPY places #22 of the 92 assets tracked against ALMS. The last year tells two different stories: ALMS led by 351.1 percentage points, +371.7% for ALMS against +20.6% for SPY. One caveat on sizing: ALMS is 9.0 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.
ALMS vs SPY: side by side
| ALMS (Alumis Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +371.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 130.0% | 14.5% |
| Beta vs S&P 500 | -1.50 | 1.00 |
| Max drawdown (3Y) | -78.9% | -18.8% |
| Market cap | $3.0B | – |
| 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 | ALMS | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +24.2% | +17.7% |
| 2026 | +137.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALMS and SPY good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALMS and SPY?
The ALMS/SPY correlation stands at -0.16 on a 3-year window (1 year: 0.05, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ALMS?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alms-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alms-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALMS correlations · SPY correlations
