QTEX vs SPY: Correlation
QTREX Quantum Ltd. (QTEX) 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 QTEX and SPY?
Over the past 3 years, QTEX and SPY moved with a correlation of 0.19, which is weak. Little has changed lately, as the 1-year reading of 0.24 lands near the 3-year figure. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 592.2 %².
SPY is close to the least connected end of QTEX's tracked universe, ranking #7 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 47.8 percentage points (-27.2% for QTEX against +20.6% for SPY). Note the risk asymmetry: QTEX runs 14.8 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.
QTEX vs SPY: side by side
| QTEX (QTREX Quantum Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -27.2% | +20.6% |
| 5-year return | -75.2% | +82.4% |
| Volatility (ann.) | 214.5% | 14.5% |
| Beta vs S&P 500 | 2.83 | 1.00 |
| Max drawdown (3Y) | -86.9% | -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 | QTEX | SPY |
|---|---|---|
| 2022 | -69.0% | -18.2% |
| 2023 | -17.8% | +26.2% |
| 2024 | -3.8% | +24.9% |
| 2025 | -11.8% | +17.7% |
| 2026 | -6.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTEX 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 QTEX and SPY?
As of 2026-08-27, the correlation of weekly returns between QTEX and SPY is 0.19 over 3 years, 0.24 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for QTEX?
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?
A reading of 0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: QTEX correlations · SPY correlations
