PEPG vs SPY: Correlation
Measured on weekly returns over the past three years, PepGen Inc. (PEPG) 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 PEPG and SPY?
On 3 years of weekly data the PEPG/SPY correlation comes out at 0.10, weak. Little has changed lately, as the 1-year reading of 0.01 lands near the 3-year figure. The 5-year figure is 0.09, and annualized covariance runs at 251.3 %².
Within PEPG's tracked universe of 14 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PEPG ahead by 127.0 points (+147.6% versus +20.6%). One caveat on sizing: PEPG is 11.6 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.
PEPG vs SPY: side by side
| PEPG (PepGen Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +147.6% | +20.6% |
| 5-year return | -76.2% | +82.4% |
| Volatility (ann.) | 168.3% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -94.6% | -18.8% |
| Market cap | $0.2B | – |
| 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 | PEPG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -49.1% | +26.2% |
| 2024 | -44.3% | +24.9% |
| 2025 | +71.8% | +17.7% |
| 2026 | -52.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PEPG 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 PEPG and SPY?
As of 2026-08-27, the correlation of weekly returns between PEPG and SPY is 0.10 over 3 years, 0.01 over 1 year and 0.09 over 5 years.
Is SPY a good diversifier for PEPG?
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: PEPG correlations · SPY correlations
