LUNG vs SPY: Correlation
Measured on weekly returns over the past three years, Pulmonx Corporation (LUNG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LUNG and SPY?
Over the past 3 years, LUNG and SPY moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 326.3 %².
Among the 10 assets we track against LUNG, SPY sits near the bottom by co-movement, at rank #6. Over the last 12 months LUNG came out ahead by 9.5 percentage points (+30.1% against +20.6%). Risk is not evenly split, since LUNG carries 6.1 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.
LUNG vs SPY: side by side
| LUNG (Pulmonx Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.1% | +20.6% |
| 5-year return | -93.8% | +82.4% |
| Volatility (ann.) | 88.5% | 14.5% |
| Beta vs S&P 500 | 1.56 | 1.00 |
| Max drawdown (3Y) | -92.0% | -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 | LUNG | SPY |
|---|---|---|
| 2022 | -73.7% | -18.2% |
| 2023 | +51.2% | +26.2% |
| 2024 | -46.7% | +24.9% |
| 2025 | -67.5% | +17.7% |
| 2026 | +9.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LUNG and SPY good diversifiers for each other?
Reasonably. At 0.26, LUNG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LUNG and SPY?
As of 2026-08-27, the correlation of weekly returns between LUNG and SPY is 0.26 over 3 years, 0.34 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for LUNG?
Reasonably. At 0.26, LUNG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 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: LUNG correlations · SPY correlations
