HRTX vs SPY: Correlation
Measured on weekly returns over the past three years, Heron Therapeutics, Inc. (HRTX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRTX and SPY?
On 3 years of weekly data the HRTX/SPY correlation comes out at 0.27, weak. Lately the two have moved closer together, with the 1-year correlation at 0.38 versus 0.27 over 3 years. The 5-year figure is 0.30, and annualized covariance runs at 384.8 %².
SPY is close to the least connected end of HRTX's tracked universe, ranking #8 of 12. The last year tells two different stories: SPY led by 96.2 percentage points, -75.6% for HRTX against +20.6% for SPY. Risk is not evenly split, since HRTX carries 6.8 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.
HRTX vs SPY: side by side
| HRTX (Heron Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -75.6% | +20.6% |
| 5-year return | -97.1% | +82.4% |
| Volatility (ann.) | 99.0% | 14.5% |
| Beta vs S&P 500 | 1.84 | 1.00 |
| Max drawdown (3Y) | -92.2% | -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 | HRTX | SPY |
|---|---|---|
| 2022 | -72.6% | -18.2% |
| 2023 | -32.0% | +26.2% |
| 2024 | -10.0% | +24.9% |
| 2025 | -15.0% | +17.7% |
| 2026 | -74.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRTX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HRTX and SPY?
The HRTX/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.38, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HRTX?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: HRTX correlations · SPY correlations
