MBIO vs SPY: Correlation
Mustang Bio, Inc. (MBIO) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MBIO and SPY?
On 3 years of weekly data the MBIO/SPY correlation comes out at 0.08, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.37 versus 0.08 over 3 years. The 5-year figure is 0.14, and annualized covariance runs at 265.5 %².
Among the 10 assets we track against MBIO, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 84.6 points (-64.0% versus +20.6%). Note the risk asymmetry: MBIO runs 15.4 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.
MBIO vs SPY: side by side
| MBIO (Mustang Bio, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -64.0% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 222.7% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -99.7% | -18.8% |
| Market cap | – | – |
| 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 | MBIO | SPY |
|---|---|---|
| 2022 | -76.2% | -18.2% |
| 2023 | -77.2% | +26.2% |
| 2024 | -86.9% | +24.9% |
| 2025 | -88.9% | +17.7% |
| 2026 | -43.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MBIO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between MBIO and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with 0.37 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for MBIO?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 mean?
A reading of 0.08 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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Related comparisons
Hubs: MBIO correlations · SPY correlations
