ERAS vs SPY: Correlation
Erasca, Inc. (ERAS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERAS and SPY?
Over the past 3 years, ERAS and SPY moved with a correlation of 0.27, which is weak. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.27). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 392.2 %².
SPY is close to the least connected end of ERAS's tracked universe, ranking #10 of 14. The last year tells two different stories: ERAS led by 1112.9 percentage points, +1133.5% for ERAS against +20.6% for SPY. Note the risk asymmetry: ERAS runs 6.8 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.
ERAS vs SPY: side by side
| ERAS (Erasca, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1133.5% | +20.6% |
| 5-year return | -17.1% | +82.4% |
| Volatility (ann.) | 99.2% | 14.5% |
| Beta vs S&P 500 | 1.88 | 1.00 |
| Max drawdown (3Y) | -67.7% | -18.8% |
| Market cap | $6.8B | – |
| 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 | ERAS | SPY |
|---|---|---|
| 2022 | -72.3% | -18.2% |
| 2023 | -50.6% | +26.2% |
| 2024 | +17.8% | +24.9% |
| 2025 | +48.2% | +17.7% |
| 2026 | +423.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERAS and SPY good diversifiers for each other?
Reasonably. At 0.27, ERAS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ERAS and SPY?
As of 2026-08-27, the correlation of weekly returns between ERAS and SPY is 0.27 over 3 years, 0.09 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for ERAS?
Reasonably. At 0.27, ERAS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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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Hubs: ERAS correlations · SPY correlations
