SIGA vs SPY: Correlation
SIGA Technologies Inc. (SIGA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SIGA and SPY?
Across a 3-year window, the weekly returns of SIGA and SPY correlate at 0.28, weak. The past 12 months show a tighter link (0.39) than the 3-year average (0.28). Stretching to 5 years gives 0.25, with an annualized covariance of 255.4 %².
Out of 15 assets tracked against SIGA, SPY lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 78.7 percentage points (-58.1% for SIGA against +20.6% for SPY). One caveat on sizing: SIGA is 4.4 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.
SIGA vs SPY: side by side
| SIGA (SIGA Technologies Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -58.1% | +20.6% |
| 5-year return | -27.3% | +82.4% |
| Volatility (ann.) | 64.1% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -70.1% | -18.8% |
| Market cap | $0.2B | – |
| 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 | SIGA | SPY |
|---|---|---|
| 2022 | +4.2% | -18.2% |
| 2023 | -17.6% | +26.2% |
| 2024 | +15.2% | +24.9% |
| 2025 | +12.3% | +17.7% |
| 2026 | -43.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SIGA and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SIGA and SPY?
The SIGA/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.39, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SIGA?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 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: SIGA correlations · SPY correlations
