CLGN vs SPY: Correlation
How closely do CollPlant Biotechnologies Ltd. (CLGN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLGN and SPY?
Over the past 3 years, CLGN and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.06). Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is 78.1 %².
Among the 10 assets we track against CLGN, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 110.6 percentage points, -90.0% for CLGN against +20.6% for SPY. One caveat on sizing: CLGN is 6.1 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.
CLGN vs SPY: side by side
| CLGN (CollPlant Biotechnologies Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -90.0% | +20.6% |
| 5-year return | -98.3% | +82.4% |
| Volatility (ann.) | 87.8% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -96.4% | -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 | CLGN | SPY |
|---|---|---|
| 2022 | -49.0% | -18.2% |
| 2023 | -23.5% | +26.2% |
| 2024 | -43.7% | +24.9% |
| 2025 | -61.1% | +17.7% |
| 2026 | -79.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLGN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between CLGN and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with -0.05 over the last year and 0.09 over 5 years.
Is SPY a good diversifier for CLGN?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
A reading of 0.06 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: CLGN correlations · SPY correlations
