MNDY vs SPY: Correlation
monday.com Ltd. (MNDY) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNDY and SPY?
Over the past 3 years, MNDY and SPY moved with a correlation of 0.48, which is moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.48). Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 409.0 %².
Within MNDY's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 65.9 percentage points (-45.3% for MNDY against +20.6% for SPY). One caveat on sizing: MNDY is 4.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MNDY vs SPY: side by side
| MNDY (monday.com Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -45.3% | +20.6% |
| 5-year return | -74.0% | +82.4% |
| Volatility (ann.) | 59.2% | 14.5% |
| Beta vs S&P 500 | 1.96 | 1.00 |
| Max drawdown (3Y) | -82.1% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 42.2 | – |
| 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 | MNDY | SPY |
|---|---|---|
| 2022 | -60.5% | -18.2% |
| 2023 | +53.9% | +26.2% |
| 2024 | +25.4% | +24.9% |
| 2025 | -37.3% | +17.7% |
| 2026 | -32.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNDY and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MNDY and SPY?
The MNDY/SPY correlation stands at 0.48 on a 3-year window (1 year: 0.28, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MNDY?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MNDY correlations · SPY correlations
