FHTX vs SPY: Correlation
Foghorn Therapeutics Inc. (FHTX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHTX and SPY?
On 3 years of weekly data the FHTX/SPY correlation comes out at 0.30, moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. The 5-year figure is 0.30, and annualized covariance runs at 452.9 %².
Out of 12 assets tracked against FHTX, SPY lands near the bottom at #8. The trailing year gives SPY the advantage: +15.0% versus +20.6%, a 5.6-point spread. One caveat on sizing: FHTX is 7.2 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.
FHTX vs SPY: side by side
| FHTX (Foghorn Therapeutics Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.0% | +20.6% |
| 5-year return | -49.1% | +82.4% |
| Volatility (ann.) | 103.7% | 14.5% |
| Beta vs S&P 500 | 2.17 | 1.00 |
| Max drawdown (3Y) | -68.5% | -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 | FHTX | SPY |
|---|---|---|
| 2022 | -72.1% | -18.2% |
| 2023 | +1.1% | +26.2% |
| 2024 | -26.8% | +24.9% |
| 2025 | +14.4% | +17.7% |
| 2026 | +15.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHTX and SPY good diversifiers for each other?
Reasonably. At 0.30, FHTX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FHTX and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.38 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for FHTX?
Reasonably. At 0.30, FHTX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FHTX correlations · SPY correlations
