BNTC vs SPY: Correlation
Measured on weekly returns over the past three years, Benitec Biopharma Inc. (BNTC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNTC and SPY?
Across a 3-year window, the weekly returns of BNTC and SPY correlate at 0.17, weak. The link has tightened recently: the 1-year correlation (0.47) runs above the 3-year figure (0.17). Stretching to 5 years gives 0.23, with an annualized covariance of 174.0 %².
Among the 10 assets we track against BNTC, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.1 percentage points (-1.5% for BNTC against +20.6% for SPY). One caveat on sizing: BNTC is 4.8 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.
BNTC vs SPY: side by side
| BNTC (Benitec Biopharma Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.5% | +20.6% |
| 5-year return | -82.5% | +82.4% |
| Volatility (ann.) | 69.3% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -40.1% | -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 | BNTC | SPY |
|---|---|---|
| 2022 | -93.5% | -18.2% |
| 2023 | +11.8% | +26.2% |
| 2024 | +291.0% | +24.9% |
| 2025 | +6.7% | +17.7% |
| 2026 | -5.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNTC and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BNTC and SPY?
The BNTC/SPY correlation stands at 0.17 on a 3-year window (1 year: 0.47, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BNTC?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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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Hubs: BNTC correlations · SPY correlations
