SPY vs TOVX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Theriva Biologics, Inc. (TOVX) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TOVX?
Across a 3-year window, the weekly returns of SPY and TOVX correlate at 0.15, weak. Recent behaviour matches the longer record: 0.11 over 1 year against 0.15 over 3. Stretching to 5 years gives 0.20, with an annualized covariance of 240.9 %².
By 3-year correlation, TOVX places #3743 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 60.5 percentage points, +20.6% for SPY against -39.9% for TOVX. Note the risk asymmetry: TOVX runs 7.5 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.
SPY vs TOVX: side by side
| SPY (SPDR S&P 500 ETF Trust) | TOVX (Theriva Biologics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -39.9% |
| 5-year return | +82.4% | -99.8% |
| Volatility (ann.) | 14.5% | 108.1% |
| Beta vs S&P 500 | 1.00 | 1.15 |
| Max drawdown (3Y) | -18.8% | -98.8% |
| Market cap | – | – |
| P/E (trailing) | – | 0.2 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TOVX |
|---|---|---|
| 2022 | -18.2% | -83.3% |
| 2023 | +26.2% | -4.4% |
| 2024 | +24.9% | -83.7% |
| 2025 | +17.7% | -88.0% |
| 2026 | +13.7% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TOVX good diversifiers for each other?
Yes. With a correlation of 0.15, SPY and TOVX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TOVX?
The SPY/TOVX correlation stands at 0.15 on a 3-year window (1 year: 0.11, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is TOVX a good diversifier for SPY?
Yes. With a correlation of 0.15, SPY and TOVX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-tovx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-tovx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · TOVX correlations
