ANY vs MARA: Correlation
How closely do Sphere 3D Corp. (ANY) and MARA Holdings, Inc. (MARA) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANY and MARA?
On 3 years of weekly data the ANY/MARA correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.46 over 3 years. The 5-year figure is 0.52, and annualized covariance runs at 5370.4 %².
Few assets follow ANY as closely as MARA, which ranks #2 of 11 tracked partners. The last year tells two different stories: MARA led by 31.2 percentage points, -56.3% for ANY against -25.1% for MARA. One caveat on sizing: ANY is 1.7 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.
ANY vs MARA: side by side
| ANY (Sphere 3D Corp.) | MARA (MARA Holdings, Inc.) | |
|---|---|---|
| 1-year return | -56.3% | -25.1% |
| 5-year return | -99.4% | -70.7% |
| Volatility (ann.) | 139.7% | 83.9% |
| Beta vs S&P 500 | 0.88 | 2.07 |
| Max drawdown (3Y) | -97.3% | -78.3% |
| Market cap | – | $4.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ANY | MARA |
|---|---|---|
| 2022 | -91.2% | -89.6% |
| 2023 | +71.8% | +586.8% |
| 2024 | -71.6% | -28.6% |
| 2025 | -68.4% | -46.5% |
| 2026 | -14.1% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANY and MARA good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ANY and MARA?
As of 2026-08-27, the correlation of weekly returns between ANY and MARA is 0.46 over 3 years, 0.10 over 1 year and 0.52 over 5 years.
Is MARA a good diversifier for ANY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
A reading of 0.46 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
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Related comparisons
Hubs: ANY correlations · MARA correlations
