RNAZ vs SPY: Correlation
Measured on weekly returns over the past three years, TransCode Therapeutics, Inc. (RNAZ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNAZ and SPY?
Over the past 3 years, RNAZ and SPY moved with a correlation of 0.21, which is weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.21). Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 515.4 %².
Among the 10 assets we track against RNAZ, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 97.9 points (-77.3% versus +20.6%). Note the risk asymmetry: RNAZ runs 12.0 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.
RNAZ vs SPY: side by side
| RNAZ (TransCode Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -77.3% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 173.5% | 14.5% |
| Beta vs S&P 500 | 2.47 | 1.00 |
| Max drawdown (3Y) | -100.0% | -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 | RNAZ | SPY |
|---|---|---|
| 2022 | -73.5% | -18.2% |
| 2023 | -98.8% | +26.2% |
| 2024 | -98.5% | +24.9% |
| 2025 | -92.8% | +17.7% |
| 2026 | -66.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNAZ and SPY good diversifiers for each other?
Reasonably. At 0.21, RNAZ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RNAZ and SPY?
As of 2026-08-27, the correlation of weekly returns between RNAZ and SPY is 0.21 over 3 years, 0.02 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for RNAZ?
Reasonably. At 0.21, RNAZ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: RNAZ correlations · SPY correlations
