SCLX vs SPY: Correlation
Scilex Holding Company (SCLX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCLX and SPY?
Across a 3-year window, the weekly returns of SCLX and SPY correlate at 0.12, weak. Little has changed lately, as the 1-year reading of 0.17 lands near the 3-year figure. Stretching to 5 years gives 0.12, with an annualized covariance of 221.4 %².
Among the 10 assets we track against SCLX, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 71.0 percentage points, -50.4% for SCLX against +20.6% for SPY. One caveat on sizing: SCLX is 8.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SCLX vs SPY: side by side
| SCLX (Scilex Holding Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -50.4% | +20.6% |
| 5-year return | -97.4% | +82.4% |
| Volatility (ann.) | 125.7% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -96.4% | -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 | SCLX | SPY |
|---|---|---|
| 2022 | -60.3% | -18.2% |
| 2023 | -48.9% | +26.2% |
| 2024 | -79.1% | +24.9% |
| 2025 | -18.2% | +17.7% |
| 2026 | -26.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCLX and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SCLX and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with 0.17 over the last year and 0.12 over 5 years.
Is SPY a good diversifier for SCLX?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
A reading of 0.12 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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Hubs: SCLX correlations · SPY correlations
