HCWB vs SPY: Correlation
How closely do HCW Biologics Inc. (HCWB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCWB and SPY?
On 3 years of weekly data the HCWB/SPY correlation comes out at 0.07, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.10 over 1 year against 0.07 over 3. The 5-year figure is 0.06, and annualized covariance runs at 253.0 %².
By 3-year correlation, SPY places #10 of the 17 assets tracked against HCWB. Correlation aside, the last 12 months split them widely, with SPY ahead by 111.8 points (-91.2% versus +20.6%). One caveat on sizing: HCWB is 16.5 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.
HCWB vs SPY: side by side
| HCWB (HCW Biologics Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -91.2% | +20.6% |
| 5-year return | -99.7% | +82.4% |
| Volatility (ann.) | 238.8% | 14.5% |
| Beta vs S&P 500 | 1.21 | 1.00 |
| Max drawdown (3Y) | -99.7% | -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 | HCWB | SPY |
|---|---|---|
| 2022 | -17.5% | -18.2% |
| 2023 | -36.0% | +26.2% |
| 2024 | -63.6% | +24.9% |
| 2025 | -94.6% | +17.7% |
| 2026 | -45.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCWB and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HCWB and SPY?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with 0.10 over the last year and 0.06 over 5 years.
Is SPY a good diversifier for HCWB?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
A reading of 0.07 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: HCWB correlations · SPY correlations
