SLN vs SPY: Correlation
How closely do Silence Therapeutics Plc - American Depository Share (SLN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLN and SPY?
On 3 years of weekly data the SLN/SPY correlation comes out at 0.21, weak. Little has changed lately, as the 1-year reading of 0.18 lands near the 3-year figure. The 5-year figure is 0.22, and annualized covariance runs at 265.9 %².
Out of 10 assets tracked against SLN, SPY lands near the bottom at #6. The last year tells two different stories: SLN led by 138.1 percentage points, +158.7% for SLN against +20.6% for SPY. Note the risk asymmetry: SLN runs 5.9 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.
SLN vs SPY: side by side
| SLN (Silence Therapeutics Plc - American Depository Share) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +158.7% | +20.6% |
| 5-year return | -42.5% | +82.4% |
| Volatility (ann.) | 86.0% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -91.7% | -18.8% |
| Market cap | $0.8B | – |
| 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 | SLN | SPY |
|---|---|---|
| 2022 | -36.2% | -18.2% |
| 2023 | +13.9% | +26.2% |
| 2024 | -60.4% | +24.9% |
| 2025 | -11.6% | +17.7% |
| 2026 | +121.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLN and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SLN and SPY?
The SLN/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.18, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SLN?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
A reading of 0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sln-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sln-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SLN correlations · SPY correlations
