CALC vs SPY: Correlation
Measured on weekly returns over the past three years, CalciMedica, Inc. (CALC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALC and SPY?
On 3 years of weekly data the CALC/SPY correlation comes out at 0.03, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.04 over 1 year against 0.03 over 3. The 5-year figure is n/a, and annualized covariance runs at 54.5 %².
Out of 10 assets tracked against CALC, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 104.4 percentage points (-83.8% for CALC against +20.6% for SPY). Note the risk asymmetry: CALC runs 8.0 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.
CALC vs SPY: side by side
| CALC (CalciMedica, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -83.8% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 115.7% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -93.7% | -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 | CALC | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +23.8% | +24.9% |
| 2025 | +86.2% | +17.7% |
| 2026 | -92.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALC and SPY good diversifiers for each other?
Yes. With a correlation of 0.03, CALC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CALC and SPY?
Using weekly returns as of 2026-08-27: 0.03 over 3 years, with -0.04 over the last year and n/a over 5 years.
Is SPY a good diversifier for CALC?
Yes. With a correlation of 0.03, CALC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.03 mean?
On the −1 to +1 scale, 0.03 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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Related comparisons
Hubs: CALC correlations · SPY correlations
