AQST vs SPY: Correlation
Aquestive Therapeutics, Inc. (AQST) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQST and SPY?
Across a 3-year window, the weekly returns of AQST and SPY correlate at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.15 over 3 years. Stretching to 5 years gives 0.24, with an annualized covariance of 181.4 %².
Within AQST's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives AQST the advantage: +34.0% versus +20.6%, a 13.4-point spread. Note the risk asymmetry: AQST runs 5.9 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.
AQST vs SPY: side by side
| AQST (Aquestive Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.0% | +20.6% |
| 5-year return | +10.7% | +82.4% |
| Volatility (ann.) | 85.7% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -63.5% | -18.8% |
| Market cap | $0.6B | – |
| 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 | AQST | SPY |
|---|---|---|
| 2022 | -76.8% | -18.2% |
| 2023 | +123.9% | +26.2% |
| 2024 | +76.2% | +24.9% |
| 2025 | +81.5% | +17.7% |
| 2026 | -20.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQST and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, AQST and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AQST and SPY?
The AQST/SPY correlation stands at 0.15 on a 3-year window (1 year: 0.03, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AQST?
Yes. With a correlation of 0.15, AQST and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
A reading of 0.15 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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Hubs: AQST correlations · SPY correlations
