CCCC vs SPY: Correlation
Measured on weekly returns over the past three years, C4 Therapeutics, Inc. (CCCC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCCC and SPY?
Over the past 3 years, CCCC and SPY moved with a correlation of 0.25, which is weak. The link has tightened recently: the 1-year correlation (0.38) runs above the 3-year figure (0.25). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 671.8 %².
Among the 19 assets we track against CCCC, SPY ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CCCC outperformed by 38.3 percentage points (+58.9% for CCCC against +20.6% for SPY). One caveat on sizing: CCCC is 12.7 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.
CCCC vs SPY: side by side
| CCCC (C4 Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +58.9% | +20.6% |
| 5-year return | -90.1% | +82.4% |
| Volatility (ann.) | 184.7% | 14.5% |
| Beta vs S&P 500 | 3.22 | 1.00 |
| Max drawdown (3Y) | -90.0% | -18.8% |
| Market cap | $0.5B | – |
| 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 | CCCC | SPY |
|---|---|---|
| 2022 | -81.7% | -18.2% |
| 2023 | -4.2% | +26.2% |
| 2024 | -36.3% | +24.9% |
| 2025 | -46.9% | +17.7% |
| 2026 | +114.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCCC and SPY good diversifiers for each other?
Reasonably. At 0.25, CCCC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CCCC and SPY?
As of 2026-08-27, the correlation of weekly returns between CCCC and SPY is 0.25 over 3 years, 0.38 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for CCCC?
Reasonably. At 0.25, CCCC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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: CCCC correlations · SPY correlations
