RCUS vs SPY: Correlation
Measured on weekly returns over the past three years, Arcus Biosciences, Inc. (RCUS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RCUS and SPY?
On 3 years of weekly data the RCUS/SPY correlation comes out at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.42). The 5-year figure is 0.36, and annualized covariance runs at 356.7 %².
Among the 12 assets we track against RCUS, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months RCUS outperformed by 169.1 percentage points (+189.7% for RCUS against +20.6% for SPY). Risk is not evenly split, since RCUS carries 4.1 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.
RCUS vs SPY: side by side
| RCUS (Arcus Biosciences, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +189.7% | +20.6% |
| 5-year return | +3.1% | +82.4% |
| Volatility (ann.) | 59.0% | 14.5% |
| Beta vs S&P 500 | 1.71 | 1.00 |
| Max drawdown (3Y) | -69.5% | -18.8% |
| Market cap | $3.8B | – |
| 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 | RCUS | SPY |
|---|---|---|
| 2022 | -48.9% | -18.2% |
| 2023 | -7.6% | +26.2% |
| 2024 | -22.0% | +24.9% |
| 2025 | +60.0% | +17.7% |
| 2026 | +28.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RCUS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RCUS and SPY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.12 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for RCUS?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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: RCUS correlations · SPY correlations
