ETON vs SPY: Correlation
Eton Pharmaceuticals, Inc. (ETON) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETON and SPY?
On 3 years of weekly data the ETON/SPY correlation comes out at 0.22, weak. The link has loosened recently: the 1-year correlation (-0.15) runs below the 3-year figure (0.22). The 5-year figure is 0.25, and annualized covariance runs at 186.9 %².
Out of 10 assets tracked against ETON, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with ETON ahead by 242.1 points (+262.7% versus +20.6%). Note the risk asymmetry: ETON runs 4.0 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.
ETON vs SPY: side by side
| ETON (Eton Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +262.7% | +20.6% |
| 5-year return | +1112.2% | +82.4% |
| Volatility (ann.) | 58.4% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -45.6% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 160.7 | – |
| 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 | ETON | SPY |
|---|---|---|
| 2022 | -34.3% | -18.2% |
| 2023 | +55.3% | +26.2% |
| 2024 | +204.1% | +24.9% |
| 2025 | +27.0% | +17.7% |
| 2026 | +270.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETON and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETON and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with -0.15 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for ETON?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ETON correlations · SPY correlations
