MNDR vs SPY: Correlation
How closely do Mobile-health Network Solutions - Class A (MNDR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNDR and SPY?
Across a 3-year window, the weekly returns of MNDR and SPY correlate at -0.05, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.14 over 1 year against -0.05 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -127.1 %².
Within MNDR's tracked universe of 40 assets, SPY comes in at #8 by 3-year correlation. The last year tells two different stories: SPY led by 115.5 percentage points, -94.9% for MNDR against +20.6% for SPY. Risk is not evenly split, since MNDR carries 11.2 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.
MNDR vs SPY: side by side
| MNDR (Mobile-health Network Solutions - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -94.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 161.8% | 14.5% |
| Beta vs S&P 500 | -0.61 | 1.00 |
| Max drawdown (3Y) | -100.0% | -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 | MNDR | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -93.0% | +17.7% |
| 2026 | -68.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNDR and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between MNDR and SPY?
The MNDR/SPY correlation stands at -0.05 on a 3-year window (1 year: -0.14, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MNDR?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
What does a correlation of -0.05 mean?
On the −1 to +1 scale, -0.05 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: MNDR correlations · SPY correlations
