CTMX vs SPY: Correlation
CytomX Therapeutics, Inc. (CTMX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTMX and SPY?
Across a 3-year window, the weekly returns of CTMX and SPY correlate at 0.24, weak. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. Stretching to 5 years gives 0.21, with an annualized covariance of 528.4 %².
SPY is close to the least connected end of CTMX's tracked universe, ranking #9 of 13. Correlation aside, the last 12 months split them widely, with CTMX ahead by 44.6 points (+65.2% versus +20.6%). Risk is not evenly split, since CTMX carries 10.4 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.
CTMX vs SPY: side by side
| CTMX (CytomX Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +65.2% | +20.6% |
| 5-year return | -32.5% | +82.4% |
| Volatility (ann.) | 151.3% | 14.5% |
| Beta vs S&P 500 | 2.53 | 1.00 |
| Max drawdown (3Y) | -91.6% | -18.8% |
| Market cap | $0.7B | – |
| 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 | CTMX | SPY |
|---|---|---|
| 2022 | -63.0% | -18.2% |
| 2023 | -3.1% | +26.2% |
| 2024 | -33.5% | +24.9% |
| 2025 | +313.6% | +17.7% |
| 2026 | -19.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTMX and SPY good diversifiers for each other?
Reasonably. At 0.24, CTMX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CTMX and SPY?
As of 2026-08-27, the correlation of weekly returns between CTMX and SPY is 0.24 over 3 years, 0.15 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for CTMX?
Reasonably. At 0.24, CTMX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CTMX correlations · SPY correlations
