COYA vs SPY: Correlation
Coya Therapeutics, Inc. (COYA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COYA and SPY?
Over the past 3 years, COYA and SPY moved with a correlation of 0.29, which is weak. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 278.2 %².
SPY is close to the least connected end of COYA's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with SPY ahead by 46.5 points (-25.9% versus +20.6%). Note the risk asymmetry: COYA runs 4.6 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.
COYA vs SPY: side by side
| COYA (Coya Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 66.2% | 14.5% |
| Beta vs S&P 500 | 1.33 | 1.00 |
| Max drawdown (3Y) | -62.9% | -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 | COYA | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +56.4% | +26.2% |
| 2024 | -22.7% | +24.9% |
| 2025 | +1.2% | +17.7% |
| 2026 | -16.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COYA and SPY good diversifiers for each other?
Reasonably. At 0.29, COYA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between COYA and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.31 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for COYA?
Reasonably. At 0.29, COYA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 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: COYA correlations · SPY correlations
