QNTM vs SPY: Correlation
How closely do Quantum Biopharma Ltd. - Class B Subordinate Voting Shares (QNTM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QNTM and SPY?
Across a 3-year window, the weekly returns of QNTM and SPY correlate at 0.06, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. Stretching to 5 years gives 0.08, with an annualized covariance of 194.0 %².
Out of 14 assets tracked against QNTM, SPY lands near the bottom at #10. The last year tells two different stories: SPY led by 101.9 percentage points, -81.3% for QNTM against +20.6% for SPY. Risk is not evenly split, since QNTM carries 15.9 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.
QNTM vs SPY: side by side
| QNTM (Quantum Biopharma Ltd. - Class B Subordinate Voting Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -81.3% | +20.6% |
| 5-year return | -97.4% | +82.4% |
| Volatility (ann.) | 230.6% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -98.0% | -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 | QNTM | SPY |
|---|---|---|
| 2022 | -22.7% | -18.2% |
| 2023 | +16.8% | +26.2% |
| 2024 | -93.8% | +24.9% |
| 2025 | +98.4% | +17.7% |
| 2026 | -57.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QNTM and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, QNTM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QNTM and SPY?
The QNTM/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.13, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for QNTM?
Yes. With a correlation of 0.06, QNTM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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: QNTM correlations · SPY correlations
