PTHS vs SPY: Correlation
Pelthos Therapeutics Inc. (PTHS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTHS and SPY?
On 3 years of weekly data the PTHS/SPY correlation comes out at 0.19, weak. Recent behaviour matches the longer record: 0.29 over 1 year against 0.19 over 3. The 5-year figure is n/a, and annualized covariance runs at 348.8 %².
Within PTHS'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 SPY ahead by 15.2 points (+5.4% versus +20.6%). One caveat on sizing: PTHS is 8.6 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.
PTHS vs SPY: side by side
| PTHS (Pelthos Therapeutics Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 125.0% | 14.5% |
| Beta vs S&P 500 | 1.67 | 1.00 |
| Max drawdown (3Y) | -88.7% | -18.8% |
| Market cap | $0.1B | – |
| 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 | PTHS | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +383.6% | +17.7% |
| 2026 | -19.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTHS and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PTHS and SPY?
As of 2026-08-27, the correlation of weekly returns between PTHS and SPY is 0.19 over 3 years, 0.29 over 1 year and n/a over 5 years.
Is SPY a good diversifier for PTHS?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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/pths-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pths-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PTHS correlations · SPY correlations
