ANIK vs SPY: Correlation
How closely do Anika Therapeutics Inc. (ANIK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANIK and SPY?
Across a 3-year window, the weekly returns of ANIK and SPY correlate at 0.28, weak. The link has loosened recently: the 1-year correlation (0.13) runs below the 3-year figure (0.28). Stretching to 5 years gives 0.31, with an annualized covariance of 186.5 %².
Among the 11 assets we track against ANIK, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with ANIK ahead by 106.4 points (+127.0% versus +20.6%). One caveat on sizing: ANIK is 3.2 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.
ANIK vs SPY: side by side
| ANIK (Anika Therapeutics Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +127.0% | +20.6% |
| 5-year return | -51.5% | +82.4% |
| Volatility (ann.) | 46.8% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -71.8% | -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 | ANIK | SPY |
|---|---|---|
| 2022 | -17.4% | -18.2% |
| 2023 | -23.4% | +26.2% |
| 2024 | -27.4% | +24.9% |
| 2025 | -41.6% | +17.7% |
| 2026 | +116.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANIK and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ANIK and SPY?
The ANIK/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.13, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ANIK?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ANIK correlations · SPY correlations
