GLMD vs SPY: Correlation
Measured on weekly returns over the past three years, Galmed Pharmaceuticals Ltd. (GLMD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLMD and SPY?
On 3 years of weekly data the GLMD/SPY correlation comes out at 0.06, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.06 lands near the 3-year figure. The 5-year figure is 0.05, and annualized covariance runs at 512.2 %².
Among the 10 assets we track against GLMD, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months GLMD outperformed by 189.2 percentage points (+209.8% for GLMD against +20.6% for SPY). Risk is not evenly split, since GLMD carries 42.7 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.
GLMD vs SPY: side by side
| GLMD (Galmed Pharmaceuticals Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +209.8% | +20.6% |
| 5-year return | -99.3% | +82.4% |
| Volatility (ann.) | 619.4% | 14.5% |
| Beta vs S&P 500 | 2.45 | 1.00 |
| Max drawdown (3Y) | -96.9% | -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 | GLMD | SPY |
|---|---|---|
| 2022 | -72.5% | -18.2% |
| 2023 | -93.9% | +26.2% |
| 2024 | -41.6% | +24.9% |
| 2025 | -76.5% | +17.7% |
| 2026 | +473.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLMD and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between GLMD and SPY?
As of 2026-08-27, the correlation of weekly returns between GLMD and SPY is 0.06 over 3 years, 0.06 over 1 year and 0.05 over 5 years.
Is SPY a good diversifier for GLMD?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
A reading of 0.06 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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Hubs: GLMD correlations · SPY correlations
