HALO vs SPY: Correlation
How closely do Halozyme Therapeutics, Inc. (HALO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HALO and SPY?
Over the past 3 years, HALO and SPY moved with a correlation of 0.19, which is weak. Little has changed lately, as the 1-year reading of 0.17 lands near the 3-year figure. Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 113.7 %².
Among the 12 assets we track against HALO, SPY ranks #6 by 3-year correlation. The last year tells two different stories: HALO led by 25.5 percentage points, +46.1% for HALO against +20.6% for SPY. Note the risk asymmetry: HALO runs 2.9 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.
HALO vs SPY: side by side
| HALO (Halozyme Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.1% | +20.6% |
| 5-year return | +154.8% | +82.4% |
| Volatility (ann.) | 41.5% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -33.9% | -18.8% |
| Market cap | $12.1B | – |
| P/E (trailing) | 31.4 | – |
| 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 | HALO | SPY |
|---|---|---|
| 2022 | +41.5% | -18.2% |
| 2023 | -35.0% | +26.2% |
| 2024 | +29.4% | +24.9% |
| 2025 | +40.8% | +17.7% |
| 2026 | +58.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HALO 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 HALO and SPY?
The HALO/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.17, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HALO?
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: HALO correlations · SPY correlations
