SNDX vs SPY: Correlation
Syndax Pharmaceuticals, Inc. (SNDX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNDX and SPY?
Over the past 3 years, SNDX and SPY moved with a correlation of 0.31, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.02 versus 0.31 over 3 years. Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 260.7 %².
Out of 18 assets tracked against SNDX, SPY lands near the bottom at #14. Their 12-month results are close: +24.0% for SNDX against +20.6% for SPY. Risk is not evenly split, since SNDX carries 4.0 times the volatility of the other side.
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.
SNDX vs SPY: side by side
| SNDX (Syndax Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.0% | +20.6% |
| 5-year return | +16.9% | +82.4% |
| Volatility (ann.) | 57.8% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -64.8% | -18.8% |
| Market cap | $1.8B | – |
| 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 | SNDX | SPY |
|---|---|---|
| 2022 | +16.3% | -18.2% |
| 2023 | -15.1% | +26.2% |
| 2024 | -38.8% | +24.9% |
| 2025 | +58.9% | +17.7% |
| 2026 | -4.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNDX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SNDX and SPY?
The SNDX/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.02, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SNDX?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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: SNDX correlations · SPY correlations
