GUTS vs SPY: Correlation
Fractyl Health, Inc. (GUTS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GUTS and SPY?
Over the past 3 years, GUTS and SPY moved with a correlation of 0.19, which is weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.19 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 299.6 %².
Out of 10 assets tracked against GUTS, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 45.7 percentage points, -25.1% for GUTS against +20.6% for SPY. Note the risk asymmetry: GUTS runs 7.5 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.
GUTS vs SPY: side by side
| GUTS (Fractyl Health, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.1% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 108.3% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -96.9% | -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 | GUTS | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +6.8% | +17.7% |
| 2026 | -66.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GUTS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between GUTS and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.18 over the last year and n/a over 5 years.
Is SPY a good diversifier for GUTS?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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: GUTS correlations · SPY correlations
