BOLT vs SPY: Correlation
Measured on weekly returns over the past three years, Bolt Biotherapeutics, Inc. (BOLT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOLT and SPY?
Across a 3-year window, the weekly returns of BOLT and SPY correlate at 0.11, weak. Recent behaviour matches the longer record: 0.06 over 1 year against 0.11 over 3. Stretching to 5 years gives 0.16, with an annualized covariance of 93.4 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against BOLT. Correlation aside, the last 12 months split them widely, with SPY ahead by 45.8 points (-25.2% versus +20.6%). Note the risk asymmetry: BOLT runs 4.0 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.
BOLT vs SPY: side by side
| BOLT (Bolt Biotherapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.2% | +20.6% |
| 5-year return | -98.8% | +82.4% |
| Volatility (ann.) | 58.4% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -89.4% | -18.8% |
| Market cap | – | – |
| 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 | BOLT | SPY |
|---|---|---|
| 2022 | -73.5% | -18.2% |
| 2023 | -13.8% | +26.2% |
| 2024 | -52.2% | +24.9% |
| 2025 | -48.9% | +17.7% |
| 2026 | -26.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOLT and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between BOLT and SPY?
The BOLT/SPY correlation stands at 0.11 on a 3-year window (1 year: 0.06, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BOLT?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bolt-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bolt-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BOLT correlations · SPY correlations
