ANTX vs SPY: Correlation
How closely do AN2 Therapeutics, Inc. (ANTX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.02, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANTX and SPY?
Across a 3-year window, the weekly returns of ANTX and SPY correlate at 0.02, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.15 versus 0.02 over 3 years. Stretching to 5 years gives 0.11, with an annualized covariance of 45.3 %².
Within ANTX's tracked universe of 30 assets, SPY comes in at #16 by 3-year correlation. The last year tells two different stories: ANTX led by 382.9 percentage points, +403.5% for ANTX against +20.6% for SPY. Note the risk asymmetry: ANTX runs 9.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ANTX vs SPY: side by side
| ANTX (AN2 Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +403.5% | +20.6% |
| 5-year return | -62.7% | +82.4% |
| Volatility (ann.) | 131.4% | 14.5% |
| Beta vs S&P 500 | 0.22 | 1.00 |
| Max drawdown (3Y) | -95.4% | -18.8% |
| Market cap | $0.2B | – |
| 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 | ANTX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +115.0% | +26.2% |
| 2024 | -93.3% | +24.9% |
| 2025 | -17.4% | +17.7% |
| 2026 | +403.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANTX and SPY good diversifiers for each other?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ANTX and SPY?
As of 2026-08-27, the correlation of weekly returns between ANTX and SPY is 0.02 over 3 years, -0.15 over 1 year and 0.11 over 5 years.
Is SPY a good diversifier for ANTX?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.02 mean?
On the −1 to +1 scale, 0.02 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: ANTX correlations · SPY correlations
