CMND vs SPY: Correlation
Measured on weekly returns over the past three years, Clearmind Medicine Inc. (CMND) and SPDR S&P 500 ETF Trust (SPY) 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 CMND and SPY?
On 3 years of weekly data the CMND/SPY correlation comes out at 0.15, weak. Recent behaviour matches the longer record: 0.14 over 1 year against 0.15 over 3. The 5-year figure is 0.08, and annualized covariance runs at 260.0 %².
SPY is close to the least connected end of CMND's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 120.2 percentage points (-99.6% for CMND against +20.6% for SPY). Risk is not evenly split, since CMND carries 8.4 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.
CMND vs SPY: side by side
| CMND (Clearmind Medicine Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -99.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 122.3% | 14.5% |
| Beta vs S&P 500 | 1.24 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| 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 | CMND | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -97.0% | +26.2% |
| 2024 | -50.9% | +24.9% |
| 2025 | -96.7% | +17.7% |
| 2026 | -90.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMND and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, CMND and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CMND and SPY?
As of 2026-08-27, the correlation of weekly returns between CMND and SPY is 0.15 over 3 years, 0.14 over 1 year and 0.08 over 5 years.
Is SPY a good diversifier for CMND?
Yes. With a correlation of 0.15, CMND and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
A reading of 0.15 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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Related comparisons
Hubs: CMND correlations · SPY correlations
