PHAT vs SPY: Correlation
Phathom Pharmaceuticals, Inc. (PHAT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHAT and SPY?
Over the past 3 years, PHAT and SPY moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 394.6 %².
Out of 12 assets tracked against PHAT, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 48.7 points (-28.1% versus +20.6%). Risk is not evenly split, since PHAT carries 7.1 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.
PHAT vs SPY: side by side
| PHAT (Phathom Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -28.1% | +20.6% |
| 5-year return | -74.1% | +82.4% |
| Volatility (ann.) | 103.2% | 14.5% |
| Beta vs S&P 500 | 1.89 | 1.00 |
| Max drawdown (3Y) | -88.3% | -18.8% |
| Market cap | $0.7B | – |
| 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 | PHAT | SPY |
|---|---|---|
| 2022 | -43.0% | -18.2% |
| 2023 | -18.6% | +26.2% |
| 2024 | -11.1% | +24.9% |
| 2025 | +104.3% | +17.7% |
| 2026 | -46.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHAT and SPY good diversifiers for each other?
Reasonably. At 0.26, PHAT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PHAT and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.23 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for PHAT?
Reasonably. At 0.26, PHAT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 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: PHAT correlations · SPY correlations
