QTTB vs SPY: Correlation
How closely do Q32 Bio Inc. (QTTB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QTTB and SPY?
On 3 years of weekly data the QTTB/SPY correlation comes out at 0.01, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.18) runs below the 3-year figure (0.01). The 5-year figure is 0.09, and annualized covariance runs at 24.6 %².
Within QTTB's tracked universe of 17 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: QTTB led by 818.4 percentage points, +839.0% for QTTB against +20.6% for SPY. Note the risk asymmetry: QTTB runs 9.3 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.
QTTB vs SPY: side by side
| QTTB (Q32 Bio Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +839.0% | +20.6% |
| 5-year return | -87.4% | +82.4% |
| Volatility (ann.) | 134.9% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -97.3% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.2 | – |
| 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 | QTTB | SPY |
|---|---|---|
| 2022 | -65.4% | -18.2% |
| 2023 | -51.7% | +26.2% |
| 2024 | -68.6% | +24.9% |
| 2025 | -3.5% | +17.7% |
| 2026 | +386.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTTB and SPY good diversifiers for each other?
Yes. With a correlation of 0.01, QTTB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QTTB and SPY?
As of 2026-08-27, the correlation of weekly returns between QTTB and SPY is 0.01 over 3 years, -0.18 over 1 year and 0.09 over 5 years.
Is SPY a good diversifier for QTTB?
Yes. With a correlation of 0.01, QTTB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.01 mean?
A reading of 0.01 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: QTTB correlations · SPY correlations
