CABA vs SPY: Correlation
Measured on weekly returns over the past three years, Cabaletta Bio, Inc. (CABA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CABA and SPY?
Across a 3-year window, the weekly returns of CABA and SPY correlate at 0.43, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.43). Stretching to 5 years gives 0.34, with an annualized covariance of 772.3 %².
Among the 14 assets we track against CABA, SPY sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months CABA outperformed by 104.7 percentage points (+125.3% for CABA against +20.6% for SPY). Risk is not evenly split, since CABA carries 8.6 times the volatility of the other side.
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.
CABA vs SPY: side by side
| CABA (Cabaletta Bio, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +125.3% | +20.6% |
| 5-year return | -66.5% | +82.4% |
| Volatility (ann.) | 125.4% | 14.5% |
| Beta vs S&P 500 | 3.70 | 1.00 |
| Max drawdown (3Y) | -95.9% | -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 | CABA | SPY |
|---|---|---|
| 2022 | +144.1% | -18.2% |
| 2023 | +145.4% | +26.2% |
| 2024 | -90.0% | +24.9% |
| 2025 | -3.5% | +17.7% |
| 2026 | +54.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CABA and SPY good diversifiers for each other?
Reasonably. At 0.43, CABA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CABA and SPY?
As of 2026-08-27, the correlation of weekly returns between CABA and SPY is 0.43 over 3 years, 0.31 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for CABA?
Reasonably. At 0.43, CABA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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: CABA correlations · SPY correlations
