CYPH vs SPY: Correlation
Cypherpunk Technologies Inc. (CYPH) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CYPH and SPY?
Over the past 3 years, CYPH and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.01) sits close to the 3-year figure. Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is 295.6 %².
Among the 10 assets we track against CYPH, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months CYPH outperformed by 528.9 percentage points (+549.5% for CYPH against +20.6% for SPY). Risk is not evenly split, since CYPH carries 22.1 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.
CYPH vs SPY: side by side
| CYPH (Cypherpunk Technologies Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +549.5% | +20.6% |
| 5-year return | -89.0% | +82.4% |
| Volatility (ann.) | 319.9% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -94.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 3.0 | – |
| 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 | CYPH | SPY |
|---|---|---|
| 2022 | -86.1% | -18.2% |
| 2023 | -7.9% | +26.2% |
| 2024 | -30.6% | +24.9% |
| 2025 | -59.7% | +17.7% |
| 2026 | +62.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CYPH and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CYPH and SPY?
The CYPH/SPY correlation stands at 0.06 on a 3-year window (1 year: -0.01, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CYPH?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 mean?
A reading of 0.06 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: CYPH correlations · SPY correlations
