JBIO vs SPY: Correlation
Measured on weekly returns over the past three years, Jade Biosciences, Inc. (JBIO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBIO and SPY?
On 3 years of weekly data the JBIO/SPY correlation comes out at 0.10, weak. Lately the two have moved closer together, with the 1-year correlation at 0.30 versus 0.10 over 3 years. The 5-year figure is 0.12, and annualized covariance runs at 161.3 %².
By 3-year correlation, SPY places #7 of the 15 assets tracked against JBIO. The last year tells two different stories: JBIO led by 147.2 percentage points, +167.8% for JBIO against +20.6% for SPY. Note the risk asymmetry: JBIO runs 7.3 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.
JBIO vs SPY: side by side
| JBIO (Jade Biosciences, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +167.8% | +20.6% |
| 5-year return | -96.3% | +82.4% |
| Volatility (ann.) | 106.5% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -99.4% | -18.8% |
| Market cap | $1.4B | – |
| 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 | JBIO | SPY |
|---|---|---|
| 2022 | +148.5% | -18.2% |
| 2023 | -22.8% | +26.2% |
| 2024 | -88.3% | +24.9% |
| 2025 | -82.9% | +17.7% |
| 2026 | +38.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBIO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between JBIO and SPY?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with 0.30 over the last year and 0.12 over 5 years.
Is SPY a good diversifier for JBIO?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: JBIO correlations · SPY correlations
