FBRX vs SPY: Correlation
How closely do Forte Biosciences, Inc. (FBRX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBRX and SPY?
On 3 years of weekly data the FBRX/SPY correlation comes out at 0.13, weak. Recent behaviour matches the longer record: 0.04 over 1 year against 0.13 over 3. The 5-year figure is 0.19, and annualized covariance runs at 302.8 %².
Among the 11 assets we track against FBRX, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: FBRX led by 563.1 percentage points, +583.7% for FBRX against +20.6% for SPY. One caveat on sizing: FBRX is 10.9 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.
FBRX vs SPY: side by side
| FBRX (Forte Biosciences, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +583.7% | +20.6% |
| 5-year return | -89.5% | +82.4% |
| Volatility (ann.) | 157.4% | 14.5% |
| Beta vs S&P 500 | 1.45 | 1.00 |
| Max drawdown (3Y) | -81.2% | -18.8% |
| Market cap | $1.6B | – |
| 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 | FBRX | SPY |
|---|---|---|
| 2022 | -53.3% | -18.2% |
| 2023 | -17.8% | +26.2% |
| 2024 | +10.5% | +24.9% |
| 2025 | +20.1% | +17.7% |
| 2026 | +182.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBRX and SPY good diversifiers for each other?
Yes. With a correlation of 0.13, FBRX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FBRX and SPY?
The FBRX/SPY correlation stands at 0.13 on a 3-year window (1 year: 0.04, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FBRX?
Yes. With a correlation of 0.13, FBRX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 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/fbrx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fbrx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FBRX correlations · SPY correlations
