CNTB vs SPY: Correlation
Measured on weekly returns over the past three years, Connect Biopharma Holdings Limited (CNTB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.01, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNTB and SPY?
On 3 years of weekly data the CNTB/SPY correlation comes out at -0.01, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.27) than the 3-year average (-0.01). The 5-year figure is 0.07, and annualized covariance runs at -13.0 %².
Among the 10 assets we track against CNTB, SPY sits near the bottom by co-movement, at rank #6. Over the last 12 months CNTB came out ahead by 7.5 percentage points (+28.1% against +20.6%). One caveat on sizing: CNTB is 6.8 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.
CNTB vs SPY: side by side
| CNTB (Connect Biopharma Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.1% | +20.6% |
| 5-year return | -89.0% | +82.4% |
| Volatility (ann.) | 99.0% | 14.5% |
| Beta vs S&P 500 | -0.06 | 1.00 |
| Max drawdown (3Y) | -75.0% | -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 | CNTB | SPY |
|---|---|---|
| 2022 | -83.1% | -18.2% |
| 2023 | +35.9% | +26.2% |
| 2024 | +16.9% | +24.9% |
| 2025 | +104.3% | +17.7% |
| 2026 | -19.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNTB and SPY good diversifiers for each other?
Yes. With a correlation of -0.01, CNTB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNTB and SPY?
The CNTB/SPY correlation stands at -0.01 on a 3-year window (1 year: -0.27, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNTB?
Yes. With a correlation of -0.01, CNTB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.01 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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Hubs: CNTB correlations · SPY correlations
