MGX vs SPY: Correlation
Metagenomi Therapeutics, Inc. (MGX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGX and SPY?
Across a 3-year window, the weekly returns of MGX and SPY correlate at 0.20, weak. The link has tightened recently: the 1-year correlation (0.36) runs above the 3-year figure (0.20). Stretching to 5 years gives n/a, with an annualized covariance of 256.7 %².
Out of 18 assets tracked against MGX, SPY lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 55.5 percentage points (-34.9% for MGX against +20.6% for SPY). Risk is not evenly split, since MGX carries 6.0 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.
MGX vs SPY: side by side
| MGX (Metagenomi Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 86.5% | 14.5% |
| Beta vs S&P 500 | 1.23 | 1.00 |
| Max drawdown (3Y) | -90.7% | -18.8% |
| Market cap | – | – |
| 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 | MGX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -55.1% | +17.7% |
| 2026 | -25.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGX and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MGX and SPY?
As of 2026-08-27, the correlation of weekly returns between MGX and SPY is 0.20 over 3 years, 0.36 over 1 year and n/a over 5 years.
Is SPY a good diversifier for MGX?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 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: MGX correlations · SPY correlations
