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MATH vs. SPY
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between MATH and SPY is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

MATH vs. SPY

Last updated Jun 1, 2025

Compare and contrast key facts about Metalpha Technology Holding Limited (MATH) and 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.

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MATH or SPY.

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 SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Key characteristics

Sharpe Ratio

MATH:

1.17

SPY:

0.70

Sortino Ratio

MATH:

2.15

SPY:

1.02

Omega Ratio

MATH:

1.25

SPY:

1.15

Calmar Ratio

MATH:

1.24

SPY:

0.68

Martin Ratio

MATH:

4.78

SPY:

2.57

Ulcer Index

MATH:

24.31%

SPY:

4.93%

Daily Std Dev

MATH:

97.91%

SPY:

20.42%

Max Drawdown

MATH:

-96.71%

SPY:

-55.19%

Current Drawdown

MATH:

-76.44%

SPY:

-3.55%

Returns By Period

In the year-to-date period, MATH achieves a 180.00% return, which is significantly higher than SPY's 0.87% return.

MATH

YTD

180.00%

1M

55.86%

6M

257.78%

1Y

116.11%

3Y*

52.27%

5Y*

27.65%

10Y*

N/A

SPY

YTD

0.87%

1M

5.54%

6M

-1.56%

1Y

13.18%

3Y*

14.25%

5Y*

15.81%

10Y*

12.73%

*Annualized

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Metalpha Technology Holding Limited

SPDR S&P 500 ETF

Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

MATH vs. SPY — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MATH
The Risk-Adjusted Performance Rank of MATH is 8585
Overall Rank
The Sharpe Ratio Rank of MATH is 8585
Sharpe Ratio Rank
The Sortino Ratio Rank of MATH is 8787
Sortino Ratio Rank
The Omega Ratio Rank of MATH is 8282
Omega Ratio Rank
The Calmar Ratio Rank of MATH is 8686
Calmar Ratio Rank
The Martin Ratio Rank of MATH is 8585
Martin Ratio Rank
SPY
The Risk-Adjusted Performance Rank of SPY is 6262
Overall Rank
The Sharpe Ratio Rank of SPY is 6060
Sharpe Ratio Rank
The Sortino Ratio Rank of SPY is 5959
Sortino Ratio Rank
The Omega Ratio Rank of SPY is 6262
Omega Ratio Rank
The Calmar Ratio Rank of SPY is 6565
Calmar Ratio Rank
The Martin Ratio Rank of SPY is 6363
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

MATH vs. SPY - Risk-Adjusted Performance Comparison

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

The current MATH Sharpe Ratio is 1.17, which is higher than the SPY Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of MATH and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

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 1.22%.

TTM20242023202220212020201920182017201620152014
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
SPDR S&P 500 ETF		1.22%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%1.87%

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.

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Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

MATH vs. SPY - Volatility Comparison

Metalpha Technology Holding Limited (MATH) has a higher volatility of 28.67% compared to SPDR S&P 500 ETF (SPY) at 4.86%. 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.

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