MATH vs. SPY

Last updated Jun 24, 2026

MATH (Metalpha Technology Holding Limited) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, MATH returned -7.61%/yr vs 13.05%/yr for SPY. At a 0.07 correlation, their price movements are largely independent.

Performance

MATH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Metalpha Technology Holding Limited (MATH) 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, MATH achieves a -50.95% return, which is significantly lower than SPY's 8.15% return.

MATH

• 1D: 1.98%
• 1M: -2.83%
• YTD: -50.95%
• 6M: -57.96%
• 1Y: -67.51%
• 3Y*: -2.75%
• 5Y*: -7.61%
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

MATH vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MATH Metalpha Technology Holding Limited	-50.95%	82.61%	-47.25%	323.71%	-57.48%	-48.29%	80.00%	-0.01%	-70.18%	-41.00%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	4.86%

Correlation

The correlation between MATH and SPY is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Oct 20, 2017	0.07

Return for Risk

MATH vs. SPY — Risk / Return Rank

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

MATH

MATH Risk / Return Rank: 10
MATH Sharpe Ratio Rank: 10
MATH Sortino Ratio Rank: 9
MATH Omega Ratio Rank: 11
MATH Calmar Ratio Rank: 9
MATH Martin Ratio Rank: 10

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

MATH vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Metalpha Technology Holding Limited (MATH) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MATH	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	1.90	-2.69
Sortino ratio: Return per unit of downside risk	-1.23	2.58	-3.81
Omega ratio: Gain probability vs. loss probability	0.86	1.34	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.86	2.67	-3.53
Martin ratio: Return relative to average drawdown	-1.36	11.92	-13.28

MATH vs. SPY - Sharpe Ratio Comparison

The current MATH Sharpe Ratio is -0.79, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MATH 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.

Drawdowns

MATH vs. SPY - Drawdown Comparison

The maximum MATH drawdown since its inception was -96.71%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MATH and SPY.

Drawdown Indicators

	MATH	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-96.71%	-55.19%	-41.52%
Max Drawdown (1Y) Largest decline over 1 year	-78.30%	-8.88%	-69.42%
Max Drawdown (3Y) Largest decline over 3 years	-78.88%	-18.76%	-60.12%
Max Drawdown (5Y) Largest decline over 5 years	-78.88%	-24.50%	-54.38%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-92.47%	-3.17%	-89.30%
Average Drawdown Average peak-to-trough decline	-87.04%	-9.04%	-78.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.59%	1.98%	+47.61%

Volatility

MATH vs. SPY - Volatility Comparison

Metalpha Technology Holding Limited (MATH) has a higher volatility of 24.90% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that MATH'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

	MATH	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.90%	4.87%	+20.03%
Volatility (6M) Calculated over the trailing 6-month period	62.38%	9.85%	+52.53%
Volatility (1Y) Calculated over the trailing 1-year period	86.37%	12.50%	+73.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.03%	17.15%	+72.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.54%	17.95%	+94.59%

Dividends

MATH vs. SPY - Dividend Comparison

MATH has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MATH Metalpha Technology Holding Limited	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	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MATH and SPY in my portfolio?

MATH and SPY have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MATH or SPY?

MATH has higher volatility (24.90%) compared to SPY (4.87%). In terms of maximum drawdown, MATH dropped -96.71% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs -0.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.