MAX vs SPY: Correlation
Measured on weekly returns over the past three years, MediaAlpha, Inc. (MAX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAX and SPY?
Over the past 3 years, MAX and SPY moved with a correlation of 0.24, which is weak. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 199.7 %².
Among the 11 assets we track against MAX, SPY sits near the bottom by co-movement, at rank #7. Their 12-month results are close: +21.2% for MAX against +20.6% for SPY. Note the risk asymmetry: MAX runs 4.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MAX vs SPY: side by side
| MAX (MediaAlpha, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.2% | +20.6% |
| 5-year return | -44.3% | +82.4% |
| Volatility (ann.) | 58.2% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -67.7% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 7.8 | – |
| 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 | MAX | SPY |
|---|---|---|
| 2022 | -35.6% | -18.2% |
| 2023 | +12.1% | +26.2% |
| 2024 | +1.3% | +24.9% |
| 2025 | +14.7% | +17.7% |
| 2026 | -2.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAX and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MAX and SPY?
As of 2026-08-27, the correlation of weekly returns between MAX and SPY is 0.24 over 3 years, 0.25 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for MAX?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 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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Hubs: MAX correlations · SPY correlations
