DCTH vs SPY: Correlation
Measured on weekly returns over the past three years, Delcath Systems, Inc. (DCTH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DCTH and SPY?
Over the past 3 years, DCTH and SPY moved with a correlation of 0.33, which is moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 315.7 %².
Among the 10 assets we track against DCTH, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months DCTH outperformed by 29.2 percentage points (+49.8% for DCTH against +20.6% for SPY). One caveat on sizing: DCTH is 4.5 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.
DCTH vs SPY: side by side
| DCTH (Delcath Systems, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +49.8% | +20.6% |
| 5-year return | +80.7% | +82.4% |
| Volatility (ann.) | 65.8% | 14.5% |
| Beta vs S&P 500 | 1.51 | 1.00 |
| Max drawdown (3Y) | -54.8% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 1639.0 | – |
| 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 | DCTH | SPY |
|---|---|---|
| 2022 | -53.5% | -18.2% |
| 2023 | +15.6% | +26.2% |
| 2024 | +189.4% | +24.9% |
| 2025 | -16.1% | +17.7% |
| 2026 | +62.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DCTH and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DCTH and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.38 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for DCTH?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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/dcth-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dcth-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DCTH correlations · SPY correlations
