MI vs SPY: Correlation
How closely do NFT Limited Class A (MI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MI and SPY?
Over the past 3 years, MI and SPY moved with a correlation of 0.03, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.04 lands near the 3-year figure. Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is 1715.5 %².
Among the 32 assets we track against MI, SPY ranks #18 by 3-year correlation. The last year tells two different stories: SPY led by 30.9 percentage points, -10.3% for MI against +20.6% for SPY. Risk is not evenly split, since MI carries 306.5 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.
MI vs SPY: side by side
| MI (NFT Limited Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.3% | +20.6% |
| 5-year return | -99.5% | +82.4% |
| Volatility (ann.) | 4443.9% | 14.5% |
| Beta vs S&P 500 | 8.21 | 1.00 |
| Max drawdown (3Y) | -98.5% | -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 | MI | SPY |
|---|---|---|
| 2022 | -86.4% | -18.2% |
| 2023 | -66.2% | +26.2% |
| 2024 | -61.9% | +24.9% |
| 2025 | +13.3% | +17.7% |
| 2026 | -28.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between MI and SPY?
As of 2026-08-27, the correlation of weekly returns between MI and SPY is 0.03 over 3 years, 0.04 over 1 year and 0.03 over 5 years.
Is SPY a good diversifier for MI?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 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: MI correlations · SPY correlations
