MGTX vs SPY: Correlation
MeiraGTx Holdings plc (MGTX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGTX and SPY?
Across a 3-year window, the weekly returns of MGTX and SPY correlate at 0.38, moderate. The link has tightened recently: the 1-year correlation (0.49) runs above the 3-year figure (0.38). Stretching to 5 years gives 0.35, with an annualized covariance of 422.1 %².
SPY is close to the least connected end of MGTX's tracked universe, ranking #16 of 20. The last year tells two different stories: MGTX led by 69.5 percentage points, +90.1% for MGTX against +20.6% for SPY. Risk is not evenly split, since MGTX carries 5.3 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.
MGTX vs SPY: side by side
| MGTX (MeiraGTx Holdings plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +90.1% | +20.6% |
| 5-year return | +2.2% | +82.4% |
| Volatility (ann.) | 77.0% | 14.5% |
| Beta vs S&P 500 | 2.02 | 1.00 |
| Max drawdown (3Y) | -47.1% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 16.8 | – |
| 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 | MGTX | SPY |
|---|---|---|
| 2022 | -72.5% | -18.2% |
| 2023 | +7.7% | +26.2% |
| 2024 | -13.2% | +24.9% |
| 2025 | +30.5% | +17.7% |
| 2026 | +77.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGTX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGTX and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.49 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for MGTX?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgtx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgtx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGTX correlations · SPY correlations
