HYG vs SPRB: Correlation
iShares iBoxx High Yield Corporate Bond ETF (HYG) and Spruce Biosciences, Inc. (SPRB) show a negative relationship: their 3-year correlation of weekly returns is -0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and SPRB?
Across a 3-year window, the weekly returns of HYG and SPRB correlate at -0.14, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.14 over 3 years. Stretching to 5 years gives -0.05, with an annualized covariance of -734.8 %².
Within HYG's tracked universe of 46 assets, SPRB comes in at #41 by 3-year correlation. The last year tells two different stories: SPRB led by 741.7 percentage points, +4.6% for HYG against +746.3% for SPRB. Note the risk asymmetry: SPRB runs 231.1 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.
HYG vs SPRB: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +4.6% | +746.3% |
| 5-year return | +19.9% | -99.8% |
| Volatility (ann.) | 4.7% | 1086.4% |
| Beta vs S&P 500 | 0.22 | -7.82 |
| Max drawdown (3Y) | -4.6% | -100.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 5.94% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $17.1B | – |
| Sector / category | ETF · Bonds | US Listed |
HYG, iShares's High Yield Bond fund, carries $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | HYG | SPRB |
|---|---|---|
| 2022 | -11.0% | -75.4% |
| 2023 | +11.5% | +167.1% |
| 2024 | +8.0% | -85.7% |
| 2025 | +8.6% | -96.3% |
| 2026 | +2.5% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and SPRB good diversifiers for each other?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between HYG and SPRB?
As of 2026-08-27, the correlation of weekly returns between HYG and SPRB is -0.14 over 3 years, -0.35 over 1 year and -0.05 over 5 years.
Is SPRB a good diversifier for HYG?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
What does a correlation of -0.14 mean?
A reading of -0.14 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hyg-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hyg-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HYG correlations · SPRB correlations
