ARQT vs SPY: Correlation
Measured on weekly returns over the past three years, Arcutis Biotherapeutics, Inc. (ARQT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARQT and SPY?
Over the past 3 years, ARQT and SPY moved with a correlation of 0.19, which is weak. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 229.6 %².
SPY is close to the least connected end of ARQT's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months ARQT outperformed by 38.3 percentage points (+58.9% for ARQT against +20.6% for SPY). One caveat on sizing: ARQT is 5.6 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.
ARQT vs SPY: side by side
| ARQT (Arcutis Biotherapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +58.9% | +20.6% |
| 5-year return | +18.0% | +82.4% |
| Volatility (ann.) | 81.9% | 14.5% |
| Beta vs S&P 500 | 1.10 | 1.00 |
| Max drawdown (3Y) | -79.5% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 113.0 | – |
| 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 | ARQT | SPY |
|---|---|---|
| 2022 | -28.6% | -18.2% |
| 2023 | -78.2% | +26.2% |
| 2024 | +331.3% | +24.9% |
| 2025 | +108.5% | +17.7% |
| 2026 | -14.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARQT and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARQT and SPY?
As of 2026-08-27, the correlation of weekly returns between ARQT and SPY is 0.19 over 3 years, 0.13 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for ARQT?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ARQT correlations · SPY correlations
