MBAI vs SPY: Correlation
How closely do Check-Cap Ltd. (MBAI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MBAI and SPY?
Across a 3-year window, the weekly returns of MBAI and SPY correlate at 0.05, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.08 lands near the 3-year figure. Stretching to 5 years gives 0.07, with an annualized covariance of 368.0 %².
Among the 26 assets we track against MBAI, SPY ranks #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MBAI ahead by 890.2 points (+910.8% versus +20.6%). Note the risk asymmetry: MBAI runs 32.7 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.
MBAI vs SPY: side by side
| MBAI (Check-Cap Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +910.8% | +20.6% |
| 5-year return | -69.3% | +82.4% |
| Volatility (ann.) | 474.4% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -87.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 1.4 | – |
| 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 | MBAI | SPY |
|---|---|---|
| 2022 | -83.7% | -18.2% |
| 2023 | -5.5% | +26.2% |
| 2024 | -52.4% | +24.9% |
| 2025 | +63.6% | +17.7% |
| 2026 | +305.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MBAI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between MBAI and SPY?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with 0.08 over the last year and 0.07 over 5 years.
Is SPY a good diversifier for MBAI?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 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: MBAI correlations · SPY correlations
