INDP vs SPY: Correlation
How closely do Indaptus Therapeutics, Inc. (INDP) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDP and SPY?
On 3 years of weekly data the INDP/SPY correlation comes out at 0.21, weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.21). The 5-year figure is 0.18, and annualized covariance runs at 371.5 %².
Among the 13 assets we track against INDP, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 102.5 points (-81.9% versus +20.6%). Risk is not evenly split, since INDP carries 8.5 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.
INDP vs SPY: side by side
| INDP (Indaptus Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -81.9% | +20.6% |
| 5-year return | -99.6% | +82.4% |
| Volatility (ann.) | 123.5% | 14.5% |
| Beta vs S&P 500 | 1.78 | 1.00 |
| Max drawdown (3Y) | -99.2% | -18.8% |
| Market cap | $0.2B | – |
| 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 | INDP | SPY |
|---|---|---|
| 2022 | -74.6% | -18.2% |
| 2023 | +21.4% | +26.2% |
| 2024 | -52.2% | +24.9% |
| 2025 | -87.7% | +17.7% |
| 2026 | -60.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDP and SPY good diversifiers for each other?
Reasonably. At 0.21, INDP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INDP and SPY?
As of 2026-08-27, the correlation of weekly returns between INDP and SPY is 0.21 over 3 years, 0.04 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for INDP?
Reasonably. At 0.21, INDP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 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: INDP correlations · SPY correlations
