GANX vs SPY: Correlation
Measured on weekly returns over the past three years, Gain Therapeutics, Inc. (GANX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GANX and SPY?
On 3 years of weekly data the GANX/SPY correlation comes out at 0.24, weak. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. The 5-year figure is 0.25, and annualized covariance runs at 335.9 %².
Out of 10 assets tracked against GANX, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 21.1 percentage points, -0.5% for GANX against +20.6% for SPY. Risk is not evenly split, since GANX carries 6.8 times the volatility of the other side.
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.
GANX vs SPY: side by side
| GANX (Gain Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.5% | +20.6% |
| 5-year return | -76.4% | +82.4% |
| Volatility (ann.) | 98.1% | 14.5% |
| Beta vs S&P 500 | 1.61 | 1.00 |
| Max drawdown (3Y) | -81.4% | -18.8% |
| Market cap | $0.1B | – |
| 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 | GANX | SPY |
|---|---|---|
| 2022 | -42.4% | -18.2% |
| 2023 | +4.3% | +26.2% |
| 2024 | -33.8% | +24.9% |
| 2025 | +49.1% | +17.7% |
| 2026 | -42.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GANX and SPY good diversifiers for each other?
Reasonably. At 0.24, GANX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GANX and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.23 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for GANX?
Reasonably. At 0.24, GANX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ganx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ganx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GANX correlations · SPY correlations
