QBTS vs SPY: Correlation
D-Wave Quantum Inc. (QBTS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QBTS and SPY?
Over the past 3 years, QBTS and SPY moved with a correlation of 0.29, which is weak. The past 12 months show a tighter link (0.49) than the 3-year average (0.29). Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 597.9 %².
SPY is close to the least connected end of QBTS's tracked universe, ranking #12 of 15. Their 12-month results are close: +17.5% for QBTS against +20.6% for SPY. Risk is not evenly split, since QBTS carries 9.9 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.
QBTS vs SPY: side by side
| QBTS (D-Wave Quantum Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.5% | +20.6% |
| 5-year return | +84.0% | +82.4% |
| Volatility (ann.) | 143.4% | 14.5% |
| Beta vs S&P 500 | 2.86 | 1.00 |
| Max drawdown (3Y) | -71.0% | -18.8% |
| Market cap | $6.7B | – |
| 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 | QBTS | SPY |
|---|---|---|
| 2022 | -85.3% | -18.2% |
| 2023 | -38.9% | +26.2% |
| 2024 | +854.5% | +24.9% |
| 2025 | +211.3% | +17.7% |
| 2026 | -31.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QBTS and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QBTS and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.49 over the last year and 0.19 over 5 years.
Is SPY a good diversifier for QBTS?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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: QBTS correlations · SPY correlations
