ELUT vs SPY: Correlation
Elutia, Inc. (ELUT) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELUT and SPY?
Across a 3-year window, the weekly returns of ELUT and SPY correlate at 0.02, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.06) sits close to the 3-year figure. Stretching to 5 years gives 0.05, with an annualized covariance of 28.5 %².
Out of 10 assets tracked against ELUT, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 80.8 percentage points, -60.2% for ELUT against +20.6% for SPY. Note the risk asymmetry: ELUT runs 5.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ELUT vs SPY: side by side
| ELUT (Elutia, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -60.2% | +20.6% |
| 5-year return | -89.2% | +82.4% |
| Volatility (ann.) | 81.4% | 14.5% |
| Beta vs S&P 500 | 0.14 | 1.00 |
| Max drawdown (3Y) | -89.8% | -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 | ELUT | SPY |
|---|---|---|
| 2022 | -32.5% | -18.2% |
| 2023 | -49.2% | +26.2% |
| 2024 | +73.1% | +24.9% |
| 2025 | -81.5% | +17.7% |
| 2026 | +27.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELUT and SPY good diversifiers for each other?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELUT and SPY?
Using weekly returns as of 2026-08-27: 0.02 over 3 years, with 0.06 over the last year and 0.05 over 5 years.
Is SPY a good diversifier for ELUT?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.02 mean?
A reading of 0.02 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: ELUT correlations · SPY correlations
