MCHX vs SPY: Correlation
Measured on weekly returns over the past three years, Marchex, Inc. (MCHX) 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 MCHX and SPY?
Over the past 3 years, MCHX and SPY moved with a correlation of 0.31, which is moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.31). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 223.5 %².
Among the 10 assets we track against MCHX, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.8 percentage points (-7.2% for MCHX against +20.6% for SPY). One caveat on sizing: MCHX is 3.5 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.
MCHX vs SPY: side by side
| MCHX (Marchex, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.2% | +20.6% |
| 5-year return | -45.3% | +82.4% |
| Volatility (ann.) | 50.3% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -40.5% | -18.8% |
| Market cap | $0.1B | – |
| 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 | MCHX | SPY |
|---|---|---|
| 2022 | -35.5% | -18.2% |
| 2023 | -15.0% | +26.2% |
| 2024 | +28.7% | +24.9% |
| 2025 | -5.1% | +17.7% |
| 2026 | +9.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCHX and SPY good diversifiers for each other?
Reasonably. At 0.31, MCHX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MCHX and SPY?
As of 2026-08-27, the correlation of weekly returns between MCHX and SPY is 0.31 over 3 years, 0.16 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for MCHX?
Reasonably. At 0.31, MCHX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: MCHX correlations · SPY correlations
