MXL vs SPY: Correlation
Measured on weekly returns over the past three years, MaxLinear, Inc (MXL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXL and SPY?
Over the past 3 years, MXL and SPY moved with a correlation of 0.34, which is moderate. Recent behaviour matches the longer record: 0.28 over 1 year against 0.34 over 3. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 523.2 %².
Among the 24 assets we track against MXL, SPY ranks #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MXL outperformed by 258.3 percentage points (+278.9% for MXL against +20.6% for SPY). Note the risk asymmetry: MXL runs 7.3 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.
MXL vs SPY: side by side
| MXL (MaxLinear, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +278.9% | +20.6% |
| 5-year return | +19.8% | +82.4% |
| Volatility (ann.) | 105.2% | 14.5% |
| Beta vs S&P 500 | 2.50 | 1.00 |
| Max drawdown (3Y) | -63.9% | -18.8% |
| Market cap | $5.8B | – |
| 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 | MXL | SPY |
|---|---|---|
| 2022 | -55.0% | -18.2% |
| 2023 | -30.0% | +26.2% |
| 2024 | -16.8% | +24.9% |
| 2025 | -11.9% | +17.7% |
| 2026 | +263.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXL 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 MXL and SPY?
The MXL/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.28, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MXL?
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?
On the −1 to +1 scale, 0.34 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: MXL correlations · SPY correlations
