ONCO vs SPY: Correlation
Onconetix, Inc. (ONCO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONCO and SPY?
Across a 3-year window, the weekly returns of ONCO and SPY correlate at 0.18, weak. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.18 over 3 years. Stretching to 5 years gives 0.22, with an annualized covariance of 377.1 %².
SPY is close to the least connected end of ONCO's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 120.2 percentage points (-99.6% for ONCO against +20.6% for SPY). One caveat on sizing: ONCO is 10.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ONCO vs SPY: side by side
| ONCO (Onconetix, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -99.6% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 145.0% | 14.5% |
| Beta vs S&P 500 | 1.80 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| 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 | ONCO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -82.0% | +26.2% |
| 2024 | -92.0% | +24.9% |
| 2025 | -97.1% | +17.7% |
| 2026 | -99.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONCO and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, ONCO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ONCO and SPY?
The ONCO/SPY correlation stands at 0.18 on a 3-year window (1 year: -0.03, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ONCO?
Yes. With a correlation of 0.18, ONCO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 mean?
On the −1 to +1 scale, 0.18 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: ONCO correlations · SPY correlations
