FBLG vs SPY: Correlation
How closely do FibroBiologics, Inc. (FBLG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBLG and SPY?
Across a 3-year window, the weekly returns of FBLG and SPY correlate at 0.04, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.00 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 84.3 %².
Within FBLG's tracked universe of 15 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 108.2 points (-87.6% versus +20.6%). Note the risk asymmetry: FBLG runs 10.4 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.
FBLG vs SPY: side by side
| FBLG (FibroBiologics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -87.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 150.1% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -99.9% | -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 | FBLG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -88.8% | +17.7% |
| 2026 | -66.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBLG and SPY good diversifiers for each other?
Yes. With a correlation of 0.04, FBLG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FBLG and SPY?
As of 2026-08-27, the correlation of weekly returns between FBLG and SPY is 0.04 over 3 years, -0.00 over 1 year and n/a over 5 years.
Is SPY a good diversifier for FBLG?
Yes. With a correlation of 0.04, FBLG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.04 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fblg-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fblg-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FBLG correlations · SPY correlations
