MGNX vs SPY: Correlation
Measured on weekly returns over the past three years, MacroGenics, Inc. (MGNX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGNX and SPY?
On 3 years of weekly data the MGNX/SPY correlation comes out at 0.26, weak. The past 12 months show a weaker link (0.04) than the 3-year average (0.26). The 5-year figure is 0.29, and annualized covariance runs at 360.3 %².
By 3-year correlation, SPY places #6 of the 14 assets tracked against MGNX. The last year tells two different stories: MGNX led by 116.6 percentage points, +137.2% for MGNX against +20.6% for SPY. One caveat on sizing: MGNX is 6.6 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.
MGNX vs SPY: side by side
| MGNX (MacroGenics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +137.2% | +20.6% |
| 5-year return | -82.5% | +82.4% |
| Volatility (ann.) | 96.3% | 14.5% |
| Beta vs S&P 500 | 1.72 | 1.00 |
| Max drawdown (3Y) | -95.1% | -18.8% |
| Market cap | $0.3B | – |
| 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 | MGNX | SPY |
|---|---|---|
| 2022 | -58.2% | -18.2% |
| 2023 | +43.4% | +26.2% |
| 2024 | -66.2% | +24.9% |
| 2025 | -50.5% | +17.7% |
| 2026 | +153.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGNX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGNX and SPY?
As of 2026-08-27, the correlation of weekly returns between MGNX and SPY is 0.26 over 3 years, 0.04 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for MGNX?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 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: MGNX correlations · SPY correlations
