MDXH vs SPY: Correlation
How closely do MDxHealth SA (MDXH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDXH and SPY?
Over the past 3 years, MDXH and SPY moved with a correlation of 0.33, which is moderate. Recent behaviour matches the longer record: 0.33 over 1 year against 0.33 over 3. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 411.6 %².
Out of 14 assets tracked against MDXH, SPY lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 100.5 percentage points (-79.9% for MDXH against +20.6% for SPY). One caveat on sizing: MDXH is 6.0 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.
MDXH vs SPY: side by side
| MDXH (MDxHealth SA) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -79.9% | +20.6% |
| 5-year return | -94.0% | +82.4% |
| Volatility (ann.) | 86.5% | 14.5% |
| Beta vs S&P 500 | 1.97 | 1.00 |
| Max drawdown (3Y) | -92.0% | -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 | MDXH | SPY |
|---|---|---|
| 2022 | -30.6% | -18.2% |
| 2023 | -40.4% | +26.2% |
| 2024 | -39.8% | +24.9% |
| 2025 | +50.6% | +17.7% |
| 2026 | -79.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDXH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MDXH and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.33 over the last year and 0.19 over 5 years.
Is SPY a good diversifier for MDXH?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 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: MDXH correlations · SPY correlations
