FENC vs SPY: Correlation
How closely do Fennec Pharmaceuticals Inc. (FENC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FENC and SPY?
Across a 3-year window, the weekly returns of FENC and SPY correlate at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.21, with an annualized covariance of 295.3 %².
Within FENC's tracked universe of 14 assets, SPY comes in at #7 by 3-year correlation. The trailing year gives FENC the advantage: +30.2% versus +20.6%, a 9.6-point spread. Note the risk asymmetry: FENC 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.
FENC vs SPY: side by side
| FENC (Fennec Pharmaceuticals Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.2% | +20.6% |
| 5-year return | +49.7% | +82.4% |
| Volatility (ann.) | 58.3% | 14.5% |
| Beta vs S&P 500 | 1.41 | 1.00 |
| Max drawdown (3Y) | -65.6% | -18.8% |
| Market cap | $0.4B | – |
| 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 | FENC | SPY |
|---|---|---|
| 2022 | +118.2% | -18.2% |
| 2023 | +16.9% | +26.2% |
| 2024 | -43.7% | +24.9% |
| 2025 | +21.8% | +17.7% |
| 2026 | +52.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FENC and SPY good diversifiers for each other?
Reasonably. At 0.35, FENC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FENC and SPY?
The FENC/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.32, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FENC?
Reasonably. At 0.35, FENC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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: FENC correlations · SPY correlations
