MGNI vs SPY: Correlation
Magnite, Inc. (MGNI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGNI and SPY?
On 3 years of weekly data the MGNI/SPY correlation comes out at 0.44, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.44 over 3. The 5-year figure is 0.48, and annualized covariance runs at 404.5 %².
Within MGNI's tracked universe of 19 assets, SPY comes in at #12 by 3-year correlation. The last year tells two different stories: SPY led by 29.2 percentage points, -8.6% for MGNI against +20.6% for SPY. Risk is not evenly split, since MGNI carries 4.4 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.
MGNI vs SPY: side by side
| MGNI (Magnite, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.6% | +20.6% |
| 5-year return | -17.8% | +82.4% |
| Volatility (ann.) | 63.6% | 14.5% |
| Beta vs S&P 500 | 1.94 | 1.00 |
| Max drawdown (3Y) | -57.8% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 21.2 | – |
| 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 | MGNI | SPY |
|---|---|---|
| 2022 | -39.5% | -18.2% |
| 2023 | -11.8% | +26.2% |
| 2024 | +70.4% | +24.9% |
| 2025 | +1.9% | +17.7% |
| 2026 | +43.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGNI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGNI and SPY?
As of 2026-08-27, the correlation of weekly returns between MGNI and SPY is 0.44 over 3 years, 0.44 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for MGNI?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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: MGNI correlations · SPY correlations
