ARQQ vs SPY: Correlation
Measured on weekly returns over the past three years, Arqit Quantum Inc. (ARQQ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARQQ and SPY?
On 3 years of weekly data the ARQQ/SPY correlation comes out at 0.34, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.34 over 3. The 5-year figure is 0.25, and annualized covariance runs at 663.8 %².
Out of 16 assets tracked against ARQQ, SPY lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with SPY ahead by 50.0 points (-29.4% versus +20.6%). Note the risk asymmetry: ARQQ runs 9.4 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.
ARQQ vs SPY: side by side
| ARQQ (Arqit Quantum Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.4% | +20.6% |
| 5-year return | -91.4% | +82.4% |
| Volatility (ann.) | 135.6% | 14.5% |
| Beta vs S&P 500 | 3.18 | 1.00 |
| Max drawdown (3Y) | -86.7% | -18.8% |
| Market cap | $0.4B | – |
| 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 | ARQQ | SPY |
|---|---|---|
| 2022 | -84.9% | -18.2% |
| 2023 | -86.9% | +26.2% |
| 2024 | +227.8% | +24.9% |
| 2025 | -43.7% | +17.7% |
| 2026 | -1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARQQ and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ARQQ and SPY?
As of 2026-08-27, the correlation of weekly returns between ARQQ and SPY is 0.34 over 3 years, 0.44 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for ARQQ?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
A reading of 0.34 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: ARQQ correlations · SPY correlations
