CLNN vs SPY: Correlation
Clene Inc. (CLNN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLNN and SPY?
On 3 years of weekly data the CLNN/SPY correlation comes out at 0.22, weak. Recent behaviour matches the longer record: 0.29 over 1 year against 0.22 over 3. The 5-year figure is 0.11, and annualized covariance runs at 359.1 %².
Out of 11 assets tracked against CLNN, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 37.5 points (-16.9% versus +20.6%). Risk is not evenly split, since CLNN carries 7.7 times the volatility of the other side.
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.
CLNN vs SPY: side by side
| CLNN (Clene Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.9% | +20.6% |
| 5-year return | -97.1% | +82.4% |
| Volatility (ann.) | 111.8% | 14.5% |
| Beta vs S&P 500 | 1.72 | 1.00 |
| Max drawdown (3Y) | -84.4% | -18.8% |
| Market cap | $0.1B | – |
| 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 | CLNN | SPY |
|---|---|---|
| 2022 | -75.6% | -18.2% |
| 2023 | -70.0% | +26.2% |
| 2024 | -11.5% | +24.9% |
| 2025 | +10.5% | +17.7% |
| 2026 | -23.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLNN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLNN and SPY?
The CLNN/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.29, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CLNN?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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: CLNN correlations · SPY correlations
