MX vs SPY: Correlation
Magnachip Semiconductor Corporation (MX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MX and SPY?
On 3 years of weekly data the MX/SPY correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. The 5-year figure is 0.28, and annualized covariance runs at 392.4 %².
Among the 16 assets we track against MX, SPY ranks #11 by 3-year correlation. The last year tells two different stories: SPY led by 18.4 percentage points, +2.2% for MX against +20.6% for SPY. Note the risk asymmetry: MX runs 5.5 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.
MX vs SPY: side by side
| MX (Magnachip Semiconductor Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.2% | +20.6% |
| 5-year return | -81.9% | +82.4% |
| Volatility (ann.) | 79.4% | 14.5% |
| Beta vs S&P 500 | 1.88 | 1.00 |
| Max drawdown (3Y) | -73.5% | -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 | MX | SPY |
|---|---|---|
| 2022 | -55.2% | -18.2% |
| 2023 | -20.1% | +26.2% |
| 2024 | -46.4% | +24.9% |
| 2025 | -36.6% | +17.7% |
| 2026 | +27.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MX and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MX and SPY?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.34 over the last year and 0.28 over 5 years.
Is SPY a good diversifier for MX?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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/mx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MX correlations · SPY correlations
