GTBP vs SPY: Correlation
GT Biopharma, Inc. (GTBP) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTBP and SPY?
Over the past 3 years, GTBP and SPY moved with a correlation of 0.12, which is weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.12 over 3. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 158.6 %².
Among the 10 assets we track against GTBP, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 94.1 percentage points (-73.5% for GTBP against +20.6% for SPY). One caveat on sizing: GTBP is 6.2 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.
GTBP vs SPY: side by side
| GTBP (GT Biopharma, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -73.5% | +20.6% |
| 5-year return | -99.9% | +82.4% |
| Volatility (ann.) | 90.4% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -97.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.1 | – |
| 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 | GTBP | SPY |
|---|---|---|
| 2022 | -71.0% | -18.2% |
| 2023 | -71.2% | +26.2% |
| 2024 | -60.1% | +24.9% |
| 2025 | -74.3% | +17.7% |
| 2026 | -61.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTBP and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between GTBP and SPY?
As of 2026-08-27, the correlation of weekly returns between GTBP and SPY is 0.12 over 3 years, 0.20 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for GTBP?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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.
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Related comparisons
Hubs: GTBP correlations · SPY correlations
