HYFT vs SPY: Correlation
Measured on weekly returns over the past three years, MindWalk Holdings Corp. (HYFT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYFT and SPY?
Over the past 3 years, HYFT and SPY moved with a correlation of 0.19, which is weak. The relationship has been stable: the 1-year correlation (0.24) sits close to the 3-year figure. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 296.9 %².
Among the 11 assets we track against HYFT, SPY sits near the bottom by co-movement, at rank #8. The last year tells two different stories: SPY led by 67.0 percentage points, -46.4% for HYFT against +20.6% for SPY. Risk is not evenly split, since HYFT carries 7.6 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.
HYFT vs SPY: side by side
| HYFT (MindWalk Holdings Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -46.4% | +20.6% |
| 5-year return | -80.2% | +82.4% |
| Volatility (ann.) | 110.1% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -86.3% | -18.8% |
| Market cap | $0.1B | – |
| 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 | HYFT | SPY |
|---|---|---|
| 2022 | -2.8% | -18.2% |
| 2023 | -67.2% | +26.2% |
| 2024 | -75.9% | +24.9% |
| 2025 | +341.7% | +17.7% |
| 2026 | -22.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYFT and SPY good diversifiers for each other?
Yes. With a correlation of 0.19, HYFT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HYFT and SPY?
As of 2026-08-27, the correlation of weekly returns between HYFT and SPY is 0.19 over 3 years, 0.24 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for HYFT?
Yes. With a correlation of 0.19, HYFT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 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/hyft-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hyft-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HYFT correlations · SPY correlations
