MNDO vs SPY: Correlation
Measured on weekly returns over the past three years, MIND C.T.I. Ltd. (MNDO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.18, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNDO and SPY?
On 3 years of weekly data the MNDO/SPY correlation comes out at 0.18, weak. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. The 5-year figure is 0.27, and annualized covariance runs at 66.3 %².
By 3-year correlation, SPY places #6 of the 14 assets tracked against MNDO. The last year tells two different stories: SPY led by 35.7 percentage points, -15.1% for MNDO against +20.6% for SPY. Note the risk asymmetry: MNDO runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MNDO vs SPY: side by side
| MNDO (MIND C.T.I. Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.1% | +20.6% |
| 5-year return | -51.6% | +82.4% |
| Volatility (ann.) | 24.9% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -54.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 6.3 | – |
| 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 | MNDO | SPY |
|---|---|---|
| 2022 | -26.5% | -18.2% |
| 2023 | +4.2% | +26.2% |
| 2024 | +13.1% | +24.9% |
| 2025 | -34.9% | +17.7% |
| 2026 | -12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNDO and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, MNDO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MNDO and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.09 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for MNDO?
Yes. With a correlation of 0.18, MNDO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 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/mndo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mndo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MNDO correlations · SPY correlations
