MFIN vs SPY: Correlation
How closely do Medallion Financial Corp. (MFIN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFIN and SPY?
On 3 years of weekly data the MFIN/SPY correlation comes out at 0.40, moderate. The link has tightened recently: the 1-year correlation (0.53) runs above the 3-year figure (0.40). The 5-year figure is 0.31, and annualized covariance runs at 188.3 %².
By 3-year correlation, SPY places #7 of the 14 assets tracked against MFIN. Their 12-month results are close: +18.4% for MFIN against +20.6% for SPY. One caveat on sizing: MFIN is 2.2 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.
MFIN vs SPY: side by side
| MFIN (Medallion Financial Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.4% | +20.6% |
| 5-year return | +74.5% | +82.4% |
| Volatility (ann.) | 32.3% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -30.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 8.8 | – |
| Dividend yield | 4.27% | 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 | MFIN | SPY |
|---|---|---|
| 2022 | +28.4% | -18.2% |
| 2023 | +44.0% | +26.2% |
| 2024 | +0.1% | +24.9% |
| 2025 | +15.1% | +17.7% |
| 2026 | +19.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFIN and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MFIN and SPY?
As of 2026-08-27, the correlation of weekly returns between MFIN and SPY is 0.40 over 3 years, 0.53 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for MFIN?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 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: MFIN correlations · SPY correlations
