MAKO vs SPY: Correlation
Measured on weekly returns over the past three years, Mako Mining Corp (MAKO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAKO and SPY?
On 3 years of weekly data the MAKO/SPY correlation comes out at 0.31, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.55 versus 0.31 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 256.8 %².
SPY is close to the least connected end of MAKO's tracked universe, ranking #7 of 10. Correlation aside, the last 12 months split them widely, with MAKO ahead by 127.0 points (+147.6% versus +20.6%). One caveat on sizing: MAKO is 4.0 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.
MAKO vs SPY: side by side
| MAKO (Mako Mining Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +147.6% | +20.6% |
| 5-year return | +320.0% | +82.4% |
| Volatility (ann.) | 57.6% | 14.5% |
| Beta vs S&P 500 | 1.23 | 1.00 |
| Max drawdown (3Y) | -31.9% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 18.5 | – |
| 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 | MAKO | SPY |
|---|---|---|
| 2022 | -67.7% | -18.2% |
| 2023 | +105.0% | +26.2% |
| 2024 | +7.8% | +24.9% |
| 2025 | +162.4% | +17.7% |
| 2026 | +88.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAKO and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MAKO and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.55 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for MAKO?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 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.
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Related comparisons
Hubs: MAKO correlations · SPY correlations
