PYPD vs SPY: Correlation
How closely do PolyPid Ltd. (PYPD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PYPD and SPY?
On 3 years of weekly data the PYPD/SPY correlation comes out at 0.09, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.37 versus 0.09 over 3 years. The 5-year figure is 0.15, and annualized covariance runs at 102.7 %².
Among the 14 assets we track against PYPD, SPY sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months PYPD outperformed by 29.1 percentage points (+49.7% for PYPD against +20.6% for SPY). One caveat on sizing: PYPD is 5.6 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.
PYPD vs SPY: side by side
| PYPD (PolyPid Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +49.7% | +20.6% |
| 5-year return | -98.1% | +82.4% |
| Volatility (ann.) | 81.4% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -74.1% | -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 | PYPD | SPY |
|---|---|---|
| 2022 | -87.8% | -18.2% |
| 2023 | -81.9% | +26.2% |
| 2024 | -20.0% | +24.9% |
| 2025 | +42.8% | +17.7% |
| 2026 | +18.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PYPD and SPY good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PYPD and SPY?
Using weekly returns as of 2026-08-27: 0.09 over 3 years, with 0.37 over the last year and 0.15 over 5 years.
Is SPY a good diversifier for PYPD?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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: PYPD correlations · SPY correlations
