SLGL vs SPY: Correlation
Measured on weekly returns over the past three years, Sol-Gel Technologies Ltd. (SLGL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLGL and SPY?
On 3 years of weekly data the SLGL/SPY correlation comes out at 0.16, weak. Recent behaviour matches the longer record: 0.08 over 1 year against 0.16 over 3. The 5-year figure is 0.15, and annualized covariance runs at 296.0 %².
SPY is close to the least connected end of SLGL's tracked universe, ranking #8 of 12. The last year tells two different stories: SLGL led by 210.0 percentage points, +230.6% for SLGL against +20.6% for SPY. One caveat on sizing: SLGL is 9.0 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.
SLGL vs SPY: side by side
| SLGL (Sol-Gel Technologies Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +230.6% | +20.6% |
| 5-year return | -25.1% | +82.4% |
| Volatility (ann.) | 130.8% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -86.8% | -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 | SLGL | SPY |
|---|---|---|
| 2022 | -38.4% | -18.2% |
| 2023 | -75.8% | +26.2% |
| 2024 | -15.8% | +24.9% |
| 2025 | +353.1% | +17.7% |
| 2026 | +72.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLGL and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SLGL and SPY?
The SLGL/SPY correlation stands at 0.16 on a 3-year window (1 year: 0.08, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SLGL?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 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: SLGL correlations · SPY correlations
