FLNA vs SPY: Correlation
Filana Therapeutics, Inc. (FLNA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLNA and SPY?
On 3 years of weekly data the FLNA/SPY correlation comes out at 0.11, weak. The past 12 months show a tighter link (0.23) than the 3-year average (0.11). The 5-year figure is 0.13, and annualized covariance runs at 182.9 %².
Within FLNA's tracked universe of 16 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 80.6 percentage points (-60.0% for FLNA against +20.6% for SPY). Note the risk asymmetry: FLNA runs 8.0 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.
FLNA vs SPY: side by side
| FLNA (Filana Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -60.0% | +20.6% |
| 5-year return | -98.3% | +82.4% |
| Volatility (ann.) | 115.4% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -97.5% | -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 | FLNA | SPY |
|---|---|---|
| 2022 | -32.4% | -18.2% |
| 2023 | -23.8% | +26.2% |
| 2024 | -89.5% | +24.9% |
| 2025 | -16.1% | +17.7% |
| 2026 | -53.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLNA and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLNA and SPY?
The FLNA/SPY correlation stands at 0.11 on a 3-year window (1 year: 0.23, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FLNA?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 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: FLNA correlations · SPY correlations
