MDAI vs MF: Correlation
How closely do Spectral AI, Inc. (MDAI) and MindForge Inc. - Class A (MF) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDAI and MF?
On 3 years of weekly data the MDAI/MF correlation comes out at 0.43, moderate. The link has loosened recently: the 1-year correlation (-0.22) runs below the 3-year figure (0.43). The 5-year figure is n/a, and annualized covariance runs at 31387.2 %².
Few assets follow MDAI as closely as MF, which ranks #1 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with MDAI ahead by 49.2 points (-22.4% versus -71.6%). Note the risk asymmetry: MF runs 7.9 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.
MDAI vs MF: side by side
| MDAI (Spectral AI, Inc.) | MF (MindForge Inc. - Class A) | |
|---|---|---|
| 1-year return | -22.4% | -71.6% |
| 5-year return | -83.2% | n/a |
| Volatility (ann.) | 105.0% | 830.3% |
| Beta vs S&P 500 | 1.03 | 3.38 |
| Max drawdown (3Y) | -93.5% | -99.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDAI | MF |
|---|---|---|
| 2022 | +3.0% | – |
| 2023 | -75.6% | – |
| 2024 | +15.0% | – |
| 2025 | -49.8% | -40.7% |
| 2026 | +14.8% | -62.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDAI and MF good diversifiers for each other?
Reasonably. At 0.43, MDAI and MF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MDAI and MF?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with -0.22 over the last year and n/a over 5 years.
Is MF a good diversifier for MDAI?
Reasonably. At 0.43, MDAI and MF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdai-vs-mf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdai-vs-mf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDAI correlations · MF correlations
