QNCX vs SPY: Correlation
Measured on weekly returns over the past three years, Quince Therapeutics, Inc. (QNCX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QNCX and SPY?
Over the past 3 years, QNCX and SPY moved with a correlation of 0.07, which is near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.21) runs above the 3-year figure (0.07). Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 115.8 %².
Among the 17 assets we track against QNCX, SPY ranks #9 by 3-year correlation. The last year tells two different stories: SPY led by 110.2 percentage points, -89.6% for QNCX against +20.6% for SPY. Note the risk asymmetry: QNCX runs 7.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
QNCX vs SPY: side by side
| QNCX (Quince Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -89.6% | +20.6% |
| 5-year return | -99.8% | +82.4% |
| Volatility (ann.) | 111.4% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -98.2% | -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 | QNCX | SPY |
|---|---|---|
| 2022 | -95.0% | -18.2% |
| 2023 | +64.8% | +26.2% |
| 2024 | +78.1% | +24.9% |
| 2025 | +79.1% | +17.7% |
| 2026 | -95.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QNCX and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QNCX and SPY?
The QNCX/SPY correlation stands at 0.07 on a 3-year window (1 year: 0.21, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for QNCX?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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: QNCX correlations · SPY correlations
