JANX vs SPY: Correlation
Janux Therapeutics, Inc. (JANX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JANX and SPY?
Across a 3-year window, the weekly returns of JANX and SPY correlate at 0.17, weak. Recent behaviour matches the longer record: 0.21 over 1 year against 0.17 over 3. Stretching to 5 years gives 0.21, with an annualized covariance of 367.5 %².
Out of 16 assets tracked against JANX, SPY lands near the bottom at #13. The last year tells two different stories: SPY led by 40.2 percentage points, -19.6% for JANX against +20.6% for SPY. Note the risk asymmetry: JANX runs 10.2 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.
JANX vs SPY: side by side
| JANX (Janux Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.6% | +20.6% |
| 5-year return | -42.6% | +82.4% |
| Volatility (ann.) | 148.0% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -81.8% | -18.8% |
| Market cap | $1.1B | – |
| 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 | JANX | SPY |
|---|---|---|
| 2022 | -33.2% | -18.2% |
| 2023 | -18.5% | +26.2% |
| 2024 | +399.0% | +24.9% |
| 2025 | -74.2% | +17.7% |
| 2026 | +36.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JANX and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between JANX and SPY?
As of 2026-08-27, the correlation of weekly returns between JANX and SPY is 0.17 over 3 years, 0.21 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for JANX?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 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: JANX correlations · SPY correlations
