ESLA vs SPY: Correlation
Measured on weekly returns over the past three years, Estrella Immunopharma, Inc. (ESLA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLA and SPY?
On 3 years of weekly data the ESLA/SPY correlation comes out at 0.14, weak. The link has tightened recently: the 1-year correlation (0.33) runs above the 3-year figure (0.14). The 5-year figure is 0.12, and annualized covariance runs at 249.8 %².
Among the 10 assets we track against ESLA, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: SPY led by 43.8 percentage points, -23.2% for ESLA against +20.6% for SPY. One caveat on sizing: ESLA is 8.3 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.
ESLA vs SPY: side by side
| ESLA (Estrella Immunopharma, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.2% | +20.6% |
| 5-year return | -92.6% | +82.4% |
| Volatility (ann.) | 120.6% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -96.7% | -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 | ESLA | SPY |
|---|---|---|
| 2022 | +3.8% | -18.2% |
| 2023 | -89.2% | +26.2% |
| 2024 | +8.1% | +24.9% |
| 2025 | +30.0% | +17.7% |
| 2026 | -53.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLA and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESLA and SPY?
As of 2026-08-27, the correlation of weekly returns between ESLA and SPY is 0.14 over 3 years, 0.33 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for ESLA?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 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: ESLA correlations · SPY correlations
