MARA vs. SPY

Last updated Apr 4, 2026

Compare and contrast key facts about Marathon Digital Holdings, Inc. (MARA) and State Street SPDR S&P 500 ETF (SPY).

SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

MARA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Marathon Digital Holdings, Inc. (MARA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MARA achieves a -3.01% return, which is significantly higher than SPY's -3.56% return. Over the past 10 years, MARA has underperformed SPY with an annualized return of -12.02%, while SPY has yielded a comparatively higher 14.11% annualized return.

MARA

• 1D: 8.33%
• 1M: -6.24%
• YTD: -3.01%
• 6M: -53.72%
• 1Y: -22.44%
• 3Y*: 1.10%
• 5Y*: -29.17%
• 10Y*: -12.02%

SPY

• 1D: 0.09%
• 1M: -4.02%
• YTD: -3.56%
• 6M: -1.44%
• 1Y: 23.60%
• 3Y*: 18.37%
• 5Y*: 11.88%
• 10Y*: 14.11%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MARA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MARA Marathon Digital Holdings, Inc.	-3.01%	-46.45%	-28.61%	586.84%	-89.59%	214.75%	1,084.48%	-39.16%	-91.17%	-40.41%
SPY State Street SPDR S&P 500 ETF	-3.56%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MARA and SPY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners. Combining low-correlation assets is one of the most reliable ways to reduce portfolio risk without sacrificing expected returns.

Return for Risk

MARA vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MARA

MARA Risk / Return Rank: 27
MARA Sharpe Ratio Rank: 24
MARA Sortino Ratio Rank: 27
MARA Omega Ratio Rank: 27
MARA Calmar Ratio Rank: 27
MARA Martin Ratio Rank: 27

SPY

SPY Risk / Return Rank: 52
SPY Sharpe Ratio Rank: 47
SPY Sortino Ratio Rank: 51
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 45
SPY Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MARA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Marathon Digital Holdings, Inc. (MARA) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MARA	SPY	Difference
Sharpe ratio Return per unit of total volatility	-0.37	0.92	-1.29
Sortino ratio Return per unit of downside risk	-0.05	1.45	-1.49
Omega ratio Gain probability vs. loss probability	0.99	1.22	-0.23
Calmar ratio Return relative to maximum drawdown	-0.37	1.51	-1.89
Martin ratio Return relative to average drawdown	-0.71	7.11	-7.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARA vs. SPY - Sharpe Ratio Comparison

The current MARA Sharpe Ratio is -0.37, which is lower than the SPY Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of MARA and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MARA	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	0.92	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	0.70	-0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	0.79	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.56	-0.67

Drawdowns

MARA vs. SPY - Drawdown Comparison

The maximum MARA drawdown since its inception was -99.74%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MARA and SPY.

Drawdown Indicators

	MARA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-99.74%	-55.19%	-44.55%
Max Drawdown (1Y) Largest decline over 1 year	-70.53%	-8.88%	-61.65%
Max Drawdown (5Y) Largest decline over 5 years	-95.87%	-24.50%	-71.37%
Max Drawdown (10Y) Largest decline over 10 years	-99.20%	-33.72%	-65.48%
Current Drawdown Current decline from peak	-94.37%	-5.44%	-88.93%
Average Drawdown Average peak-to-trough decline	-77.83%	-9.09%	-68.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.38%	2.57%	+34.81%

Volatility

MARA vs. SPY - Volatility Comparison

Marathon Digital Holdings, Inc. (MARA) has a higher volatility of 24.20% compared to State Street SPDR S&P 500 ETF (SPY) at 5.28%. This indicates that MARA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.20%	5.28%	+18.92%
Volatility (6M) Calculated over the trailing 6-month period	62.12%	9.49%	+52.63%
Volatility (1Y) Calculated over the trailing 1-year period	81.93%	19.06%	+62.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.56%	17.05%	+90.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.02%	17.92%	+126.10%

Dividends

MARA vs. SPY - Dividend Comparison

MARA has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.13%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MARA Marathon Digital Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%