MNOV vs SPY: Correlation
How closely do MediciNova, Inc. (MNOV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNOV and SPY?
Over the past 3 years, MNOV and SPY moved with a correlation of 0.04, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.17) than the 3-year average (0.04). Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 34.7 %².
Within MNOV's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. On 12-month performance SPY holds a 14.6-point edge, +6.0% against +20.6%. One caveat on sizing: MNOV is 4.0 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.
MNOV vs SPY: side by side
| MNOV (MediciNova, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.0% | +20.6% |
| 5-year return | -62.8% | +82.4% |
| Volatility (ann.) | 57.3% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -53.7% | -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 | MNOV | SPY |
|---|---|---|
| 2022 | -23.5% | -18.2% |
| 2023 | -26.8% | +26.2% |
| 2024 | +40.0% | +24.9% |
| 2025 | -37.6% | +17.7% |
| 2026 | +8.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNOV and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MNOV and SPY?
The MNOV/SPY correlation stands at 0.04 on a 3-year window (1 year: 0.17, 5 years: 0.14), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MNOV?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
A reading of 0.04 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: MNOV correlations · SPY correlations
