SLS vs SPY: Correlation
How closely do SELLAS Life Sciences Group, Inc. (SLS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLS and SPY?
Over the past 3 years, SLS and SPY moved with a correlation of 0.11, which is weak. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.11). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 166.0 %².
SPY is close to the least connected end of SLS's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SLS outperformed by 671.6 percentage points (+692.2% for SLS against +20.6% for SPY). Note the risk asymmetry: SLS runs 7.0 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.
SLS vs SPY: side by side
| SLS (SELLAS Life Sciences Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +692.2% | +20.6% |
| 5-year return | +65.0% | +82.4% |
| Volatility (ann.) | 101.2% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -72.0% | -18.8% |
| Market cap | $3.1B | – |
| 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 | SLS | SPY |
|---|---|---|
| 2022 | -57.3% | -18.2% |
| 2023 | -55.1% | +26.2% |
| 2024 | -1.9% | +24.9% |
| 2025 | +262.5% | +17.7% |
| 2026 | +303.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLS and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, SLS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SLS and SPY?
The SLS/SPY correlation stands at 0.11 on a 3-year window (1 year: -0.02, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SLS?
Yes. With a correlation of 0.11, SLS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
A reading of 0.11 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: SLS correlations · SPY correlations
