MDIA vs SPY: Correlation
Measured on weekly returns over the past three years, Mediaco Holding Inc. (MDIA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDIA and SPY?
On 3 years of weekly data the MDIA/SPY correlation comes out at -0.03, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.12) than the 3-year average (-0.03). The 5-year figure is 0.00, and annualized covariance runs at -195.8 %².
SPY is close to the least connected end of MDIA's tracked universe, ranking #7 of 10. The last year tells two different stories: SPY led by 41.2 percentage points, -20.6% for MDIA against +20.6% for SPY. One caveat on sizing: MDIA is 26.9 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.
MDIA vs SPY: side by side
| MDIA (Mediaco Holding Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.6% | +20.6% |
| 5-year return | -89.6% | +82.4% |
| Volatility (ann.) | 389.4% | 14.5% |
| Beta vs S&P 500 | -0.94 | 1.00 |
| Max drawdown (3Y) | -90.2% | -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 | MDIA | SPY |
|---|---|---|
| 2022 | -78.5% | -18.2% |
| 2023 | -62.6% | +26.2% |
| 2024 | +165.1% | +24.9% |
| 2025 | -49.1% | +17.7% |
| 2026 | +79.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDIA and SPY good diversifiers for each other?
Yes: at -0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDIA and SPY?
The MDIA/SPY correlation stands at -0.03 on a 3-year window (1 year: 0.12, 5 years: 0.00), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MDIA?
Yes: at -0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.03 mean?
A reading of -0.03 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: MDIA correlations · SPY correlations
