DMRA vs SPY: Correlation
Measured on weekly returns over the past three years, Damora Therapeutics, Inc. (DMRA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.01, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMRA and SPY?
Across a 3-year window, the weekly returns of DMRA and SPY correlate at 0.01, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.11) runs below the 3-year figure (0.01). Stretching to 5 years gives 0.06, with an annualized covariance of 46.9 %².
Within DMRA's tracked universe of 16 assets, SPY comes in at #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DMRA outperformed by 790.1 percentage points (+810.7% for DMRA against +20.6% for SPY). Risk is not evenly split, since DMRA carries 21.0 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.
DMRA vs SPY: side by side
| DMRA (Damora Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +810.7% | +20.6% |
| 5-year return | -72.2% | +82.4% |
| Volatility (ann.) | 304.9% | 14.5% |
| Beta vs S&P 500 | 0.22 | 1.00 |
| Max drawdown (3Y) | -90.0% | -18.8% |
| Market cap | $1.9B | – |
| 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 | DMRA | SPY |
|---|---|---|
| 2022 | -62.0% | -18.2% |
| 2023 | -37.4% | +26.2% |
| 2024 | -74.2% | +24.9% |
| 2025 | +394.8% | +17.7% |
| 2026 | +33.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMRA and SPY good diversifiers for each other?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DMRA and SPY?
As of 2026-08-27, the correlation of weekly returns between DMRA and SPY is 0.01 over 3 years, -0.11 over 1 year and 0.06 over 5 years.
Is SPY a good diversifier for DMRA?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.01 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: DMRA correlations · SPY correlations
