DCOY vs SPY: Correlation
Measured on weekly returns over the past three years, Decoy Therapeutics Inc. (DCOY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DCOY and SPY?
Over the past 3 years, DCOY and SPY moved with a correlation of 0.19, which is weak. The past 12 months show a tighter link (0.31) than the 3-year average (0.19). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 326.4 %².
SPY is close to the least connected end of DCOY's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 116.4 percentage points (-95.8% for DCOY against +20.6% for SPY). One caveat on sizing: DCOY is 8.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DCOY vs SPY: side by side
| DCOY (Decoy Therapeutics Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -95.8% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 120.2% | 14.5% |
| Beta vs S&P 500 | 1.56 | 1.00 |
| Max drawdown (3Y) | -99.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| 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 | DCOY | SPY |
|---|---|---|
| 2022 | -87.7% | -18.2% |
| 2023 | -57.5% | +26.2% |
| 2024 | -64.6% | +24.9% |
| 2025 | -97.6% | +17.7% |
| 2026 | -61.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DCOY and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between DCOY and SPY?
The DCOY/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.31, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DCOY?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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: DCOY correlations · SPY correlations
