MFI vs SPY: Correlation
How closely do mF International Limited - Class A (MFI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFI and SPY?
Over the past 3 years, MFI and SPY moved with a correlation of 0.22, which is weak. The past 12 months show a tighter link (0.36) than the 3-year average (0.22). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 587.3 %².
Among the 16 assets we track against MFI, SPY sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 95.9 percentage points (-75.3% for MFI against +20.6% for SPY). Risk is not evenly split, since MFI carries 12.5 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.
MFI vs SPY: side by side
| MFI (mF International Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -75.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 180.8% | 14.5% |
| Beta vs S&P 500 | 2.81 | 1.00 |
| Max drawdown (3Y) | -95.8% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.2 | – |
| 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 | MFI | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +245.6% | +17.7% |
| 2026 | -50.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFI and SPY good diversifiers for each other?
Reasonably. At 0.22, MFI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MFI and SPY?
As of 2026-08-27, the correlation of weekly returns between MFI and SPY is 0.22 over 3 years, 0.36 over 1 year and n/a over 5 years.
Is SPY a good diversifier for MFI?
Reasonably. At 0.22, MFI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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/mfi-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mfi-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MFI correlations · SPY correlations
