CLDX vs SPY: Correlation
Celldex Therapeutics, Inc. (CLDX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLDX and SPY?
On 3 years of weekly data the CLDX/SPY correlation comes out at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 309.4 %².
Among the 18 assets we track against CLDX, SPY ranks #13 by 3-year correlation. The last year tells two different stories: CLDX led by 58.4 percentage points, +79.0% for CLDX against +20.6% for SPY. Note the risk asymmetry: CLDX runs 4.1 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.
CLDX vs SPY: side by side
| CLDX (Celldex Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +79.0% | +20.6% |
| 5-year return | -21.9% | +82.4% |
| Volatility (ann.) | 59.4% | 14.5% |
| Beta vs S&P 500 | 1.48 | 1.00 |
| Max drawdown (3Y) | -70.8% | -18.8% |
| Market cap | $3.2B | – |
| 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 | CLDX | SPY |
|---|---|---|
| 2022 | +15.3% | -18.2% |
| 2023 | -11.0% | +26.2% |
| 2024 | -36.3% | +24.9% |
| 2025 | +7.5% | +17.7% |
| 2026 | +49.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLDX and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CLDX and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.29 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for CLDX?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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: CLDX correlations · SPY correlations
