MIST vs SPY: Correlation
Milestone Pharmaceuticals Inc. (MIST) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIST and SPY?
Across a 3-year window, the weekly returns of MIST and SPY correlate at 0.41, moderate. The past 12 months show a tighter link (0.53) than the 3-year average (0.41). Stretching to 5 years gives 0.29, with an annualized covariance of 537.2 %².
Within MIST's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 53.4 points (-32.8% versus +20.6%). Risk is not evenly split, since MIST carries 6.3 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.
MIST vs SPY: side by side
| MIST (Milestone Pharmaceuticals Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -32.8% | +20.6% |
| 5-year return | -80.4% | +82.4% |
| Volatility (ann.) | 91.2% | 14.5% |
| Beta vs S&P 500 | 2.57 | 1.00 |
| Max drawdown (3Y) | -80.7% | -18.8% |
| Market cap | $0.1B | – |
| 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 | MIST | SPY |
|---|---|---|
| 2022 | -39.5% | -18.2% |
| 2023 | -57.8% | +26.2% |
| 2024 | +41.3% | +24.9% |
| 2025 | -14.4% | +17.7% |
| 2026 | -41.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIST and SPY good diversifiers for each other?
Reasonably. At 0.41, MIST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MIST and SPY?
The MIST/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.53, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MIST?
Reasonably. At 0.41, MIST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mist-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mist-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MIST correlations · SPY correlations
