MNKD vs SPY: Correlation
MannKind Corporation (MNKD) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNKD and SPY?
Over the past 3 years, MNKD and SPY moved with a correlation of 0.29, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.29 over 3 years. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 244.1 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against MNKD. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 30.8 percentage points (-10.2% for MNKD against +20.6% for SPY). Note the risk asymmetry: MNKD runs 4.0 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.
MNKD vs SPY: side by side
| MNKD (MannKind Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.2% | +20.6% |
| 5-year return | -13.8% | +82.4% |
| Volatility (ann.) | 57.7% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -69.4% | -18.8% |
| Market cap | $1.3B | – |
| 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 | MNKD | SPY |
|---|---|---|
| 2022 | +20.6% | -18.2% |
| 2023 | -30.9% | +26.2% |
| 2024 | +76.6% | +24.9% |
| 2025 | -11.8% | +17.7% |
| 2026 | -28.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNKD and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MNKD and SPY?
The MNKD/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.43, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MNKD?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 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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Hubs: MNKD correlations · SPY correlations
