CGEN vs SPY: Correlation
Measured on weekly returns over the past three years, Compugen Ltd. (CGEN) 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 CGEN and SPY?
Across a 3-year window, the weekly returns of CGEN and SPY correlate at 0.25, weak. The relationship has been stable: the 1-year correlation (0.24) sits close to the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 339.5 %².
Out of 18 assets tracked against CGEN, SPY lands near the bottom at #14. The last year tells two different stories: CGEN led by 67.2 percentage points, +87.8% for CGEN against +20.6% for SPY. Note the risk asymmetry: CGEN runs 6.6 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.
CGEN vs SPY: side by side
| CGEN (Compugen Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +87.8% | +20.6% |
| 5-year return | -59.2% | +82.4% |
| Volatility (ann.) | 95.6% | 14.5% |
| Beta vs S&P 500 | 1.63 | 1.00 |
| Max drawdown (3Y) | -60.0% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 7.3 | – |
| 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 | CGEN | SPY |
|---|---|---|
| 2022 | -83.3% | -18.2% |
| 2023 | +175.0% | +26.2% |
| 2024 | -22.7% | +24.9% |
| 2025 | +0.0% | +17.7% |
| 2026 | +80.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGEN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CGEN and SPY?
As of 2026-08-27, the correlation of weekly returns between CGEN and SPY is 0.25 over 3 years, 0.24 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for CGEN?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined 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: CGEN correlations · SPY correlations
