SKIN vs SPY: Correlation
SkinHealth Systems Inc. (SKIN) 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 SKIN and SPY?
On 3 years of weekly data the SKIN/SPY correlation comes out at 0.28, weak. Recent behaviour matches the longer record: 0.29 over 1 year against 0.28 over 3. The 5-year figure is 0.34, and annualized covariance runs at 366.8 %².
Out of 10 assets tracked against SKIN, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 86.9 percentage points (-66.3% for SKIN against +20.6% for SPY). Note the risk asymmetry: SKIN runs 6.3 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.
SKIN vs SPY: side by side
| SKIN (SkinHealth Systems Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -66.3% | +20.6% |
| 5-year return | -97.2% | +82.4% |
| Volatility (ann.) | 91.5% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -91.4% | -18.8% |
| Market cap | $0.1B | – |
| 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 | SKIN | SPY |
|---|---|---|
| 2022 | -62.3% | -18.2% |
| 2023 | -65.8% | +26.2% |
| 2024 | -48.9% | +24.9% |
| 2025 | -12.6% | +17.7% |
| 2026 | -50.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKIN and SPY good diversifiers for each other?
Reasonably. At 0.28, SKIN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SKIN and SPY?
As of 2026-08-27, the correlation of weekly returns between SKIN and SPY is 0.28 over 3 years, 0.29 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for SKIN?
Reasonably. At 0.28, SKIN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 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: SKIN correlations · SPY correlations
