LONA vs SPY: Correlation
How closely do LeonaBio, Inc. (LONA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LONA and SPY?
Across a 3-year window, the weekly returns of LONA and SPY correlate at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.25 over 3 years. Stretching to 5 years gives 0.21, with an annualized covariance of 377.0 %².
Among the 11 assets we track against LONA, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with LONA ahead by 76.6 points (+97.2% versus +20.6%). Risk is not evenly split, since LONA carries 7.2 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.
LONA vs SPY: side by side
| LONA (LeonaBio, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +97.2% | +20.6% |
| 5-year return | -92.6% | +82.4% |
| Volatility (ann.) | 104.6% | 14.5% |
| Beta vs S&P 500 | 1.80 | 1.00 |
| Max drawdown (3Y) | -94.5% | -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 | LONA | SPY |
|---|---|---|
| 2022 | -75.7% | -18.2% |
| 2023 | -23.3% | +26.2% |
| 2024 | -75.8% | +24.9% |
| 2025 | +29.0% | +17.7% |
| 2026 | +4.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LONA and SPY good diversifiers for each other?
Reasonably. At 0.25, LONA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LONA and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.03 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for LONA?
Reasonably. At 0.25, LONA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LONA correlations · SPY correlations
