ORKA vs SPY: Correlation
Oruka Therapeutics, Inc. (ORKA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORKA and SPY?
On 3 years of weekly data the ORKA/SPY correlation comes out at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.12 over 3 years. The 5-year figure is 0.12, and annualized covariance runs at 137.4 %².
Among the 11 assets we track against ORKA, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months ORKA outperformed by 515.4 percentage points (+536.0% for ORKA against +20.6% for SPY). Risk is not evenly split, since ORKA carries 5.6 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.
ORKA vs SPY: side by side
| ORKA (Oruka Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +536.0% | +20.6% |
| 5-year return | +390.4% | +82.4% |
| Volatility (ann.) | 80.7% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -77.8% | -18.8% |
| Market cap | $6.4B | – |
| 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 | ORKA | SPY |
|---|---|---|
| 2022 | +10.2% | -18.2% |
| 2023 | -28.3% | +26.2% |
| 2024 | +76.7% | +24.9% |
| 2025 | +56.3% | +17.7% |
| 2026 | +218.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORKA and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between ORKA and SPY?
As of 2026-08-27, the correlation of weekly returns between ORKA and SPY is 0.12 over 3 years, -0.03 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for ORKA?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/orka-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/orka-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ORKA correlations · SPY correlations
