CUE vs SPY: Correlation
Measured on weekly returns over the past three years, Cue Biopharma, Inc. (CUE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CUE and SPY?
Across a 3-year window, the weekly returns of CUE and SPY correlate at 0.25, weak. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 571.9 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against CUE. On 12-month performance SPY holds a 7.0-point edge, +13.6% against +20.6%. Note the risk asymmetry: CUE runs 10.7 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.
CUE vs SPY: side by side
| CUE (Cue Biopharma, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.6% | +20.6% |
| 5-year return | -92.2% | +82.4% |
| Volatility (ann.) | 155.6% | 14.5% |
| Beta vs S&P 500 | 2.74 | 1.00 |
| Max drawdown (3Y) | -94.3% | -18.8% |
| Market cap | $0.2B | – |
| 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 | CUE | SPY |
|---|---|---|
| 2022 | -74.8% | -18.2% |
| 2023 | -7.4% | +26.2% |
| 2024 | -58.7% | +24.9% |
| 2025 | -72.0% | +17.7% |
| 2026 | +207.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CUE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CUE and SPY?
As of 2026-08-27, the correlation of weekly returns between CUE and SPY is 0.25 over 3 years, 0.30 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for CUE?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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: CUE correlations · SPY correlations
