PHIO vs SPY: Correlation
Measured on weekly returns over the past three years, Phio Pharmaceuticals Corp. (PHIO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHIO and SPY?
Across a 3-year window, the weekly returns of PHIO and SPY correlate at 0.24, weak. The link has loosened recently: the 1-year correlation (0.00) runs below the 3-year figure (0.24). Stretching to 5 years gives 0.17, with an annualized covariance of 399.9 %².
Among the 12 assets we track against PHIO, SPY sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 65.4 points (-44.8% versus +20.6%). One caveat on sizing: PHIO is 7.9 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.
PHIO vs SPY: side by side
| PHIO (Phio Pharmaceuticals Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -44.8% | +20.6% |
| 5-year return | -99.5% | +82.4% |
| Volatility (ann.) | 113.9% | 14.5% |
| Beta vs S&P 500 | 1.91 | 1.00 |
| Max drawdown (3Y) | -96.3% | -18.8% |
| Market cap | – | – |
| 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 | PHIO | SPY |
|---|---|---|
| 2022 | -62.8% | -18.2% |
| 2023 | -83.0% | +26.2% |
| 2024 | -73.7% | +24.9% |
| 2025 | -41.7% | +17.7% |
| 2026 | +6.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHIO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PHIO and SPY?
As of 2026-08-27, the correlation of weekly returns between PHIO and SPY is 0.24 over 3 years, 0.00 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for PHIO?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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: PHIO correlations · SPY correlations
