EQ vs SPY: Correlation
Equillium, Inc. (EQ) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.00.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQ and SPY?
Over the past 3 years, EQ and SPY moved with a correlation of 0.00, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.02 over 1 year against 0.00 over 3. Over 5 years the correlation is 0.06, and the annualized covariance of weekly returns is 5.5 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against EQ. On 12-month performance EQ holds a 7.7-point edge, +28.3% against +20.6%. Risk is not evenly split, since EQ carries 10.2 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.
EQ vs SPY: side by side
| EQ (Equillium, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.3% | +20.6% |
| 5-year return | -60.0% | +82.4% |
| Volatility (ann.) | 147.8% | 14.5% |
| Beta vs S&P 500 | 0.03 | 1.00 |
| Max drawdown (3Y) | -90.3% | -18.8% |
| Market cap | $0.2B | – |
| 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 | EQ | SPY |
|---|---|---|
| 2022 | -71.9% | -18.2% |
| 2023 | -32.1% | +26.2% |
| 2024 | +4.2% | +24.9% |
| 2025 | +106.7% | +17.7% |
| 2026 | +58.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQ and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.00 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQ and SPY?
As of 2026-08-27, the correlation of weekly returns between EQ and SPY is 0.00 over 3 years, 0.02 over 1 year and 0.06 over 5 years.
Is SPY a good diversifier for EQ?
By historical standards, yes. A correlation of 0.00 means the two rarely move for the same reasons.
What does a correlation of 0.00 mean?
A reading of 0.00 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: EQ correlations · SPY correlations
