MDGL vs SPY: Correlation
Madrigal Pharmaceuticals, Inc. (MDGL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDGL and SPY?
On 3 years of weekly data the MDGL/SPY correlation comes out at 0.17, weak. The link has loosened recently: the 1-year correlation (-0.04) runs below the 3-year figure (0.17). The 5-year figure is 0.08, and annualized covariance runs at 147.3 %².
Among the 14 assets we track against MDGL, SPY ranks #8 by 3-year correlation. The trailing year gives MDGL the advantage: +27.9% versus +20.6%, a 7.3-point spread. Risk is not evenly split, since MDGL carries 4.2 times the volatility of the other side.
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.
MDGL vs SPY: side by side
| MDGL (Madrigal Pharmaceuticals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.9% | +20.6% |
| 5-year return | +554.5% | +82.4% |
| Volatility (ann.) | 60.2% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -38.8% | -18.8% |
| Market cap | $12.6B | – |
| 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 | MDGL | SPY |
|---|---|---|
| 2022 | +242.5% | -18.2% |
| 2023 | -20.3% | +26.2% |
| 2024 | +33.4% | +24.9% |
| 2025 | +88.7% | +17.7% |
| 2026 | -6.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDGL and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDGL and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with -0.04 over the last year and 0.08 over 5 years.
Is SPY a good diversifier for MDGL?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 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: MDGL correlations · SPY correlations
