DARE vs SPY: Correlation
Dare Bioscience, Inc. (DARE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DARE and SPY?
Across a 3-year window, the weekly returns of DARE and SPY correlate at 0.27, weak. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.27 over 3 years. Stretching to 5 years gives 0.28, with an annualized covariance of 366.9 %².
Out of 11 assets tracked against DARE, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 84.0 percentage points (-63.4% for DARE against +20.6% for SPY). Risk is not evenly split, since DARE carries 6.5 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.
DARE vs SPY: side by side
| DARE (Dare Bioscience, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -63.4% | +20.6% |
| 5-year return | -96.5% | +82.4% |
| Volatility (ann.) | 94.9% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -91.3% | -18.8% |
| Market cap | – | – |
| 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 | DARE | SPY |
|---|---|---|
| 2022 | -58.5% | -18.2% |
| 2023 | -62.8% | +26.2% |
| 2024 | -15.9% | +24.9% |
| 2025 | -38.1% | +17.7% |
| 2026 | -61.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DARE and SPY good diversifiers for each other?
Reasonably. At 0.27, DARE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DARE and SPY?
The DARE/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.43, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DARE?
Reasonably. At 0.27, DARE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dare-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dare-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DARE correlations · SPY correlations
