MARA vs SPY: Correlation
How closely do MARA Holdings, Inc. (MARA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MARA and SPY?
Over the past 3 years, MARA and SPY moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 432.2 %².
Among the 21 assets we track against MARA, SPY ranks #15 by 3-year correlation. The last year tells two different stories: SPY led by 45.7 percentage points, -25.1% for MARA against +20.6% for SPY. Risk is not evenly split, since MARA carries 5.8 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.
MARA vs SPY: side by side
| MARA (MARA Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.1% | +20.6% |
| 5-year return | -70.7% | +82.4% |
| Volatility (ann.) | 83.9% | 14.5% |
| Beta vs S&P 500 | 2.07 | 1.00 |
| Max drawdown (3Y) | -78.3% | -18.8% |
| Market cap | $4.6B | – |
| 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 | MARA | SPY |
|---|---|---|
| 2022 | -89.6% | -18.2% |
| 2023 | +586.8% | +26.2% |
| 2024 | -28.6% | +24.9% |
| 2025 | -46.5% | +17.7% |
| 2026 | +32.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MARA and SPY good diversifiers for each other?
Reasonably. At 0.36, MARA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MARA and SPY?
The MARA/SPY correlation stands at 0.36 on a 3-year window (1 year: 0.35, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MARA?
Reasonably. At 0.36, MARA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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
$ curl https://www.pairbook.io/api/v1/pairs/mara-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mara-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MARA correlations · SPY correlations
