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MUX vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MUX vs. SPY

Last updated Jun 23, 2026

MUX (McEwen Mining Inc.) 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 10 years, MUX returned -6.07%/yr vs 15.70%/yr for SPY. At a 0.12 correlation, their price movements are largely independent.

Performance

MUX vs. SPY - Performance Comparison

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

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Returns By Period

In the year-to-date period, MUX achieves a 3.03% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, MUX has underperformed SPY with an annualized return of -6.07%, while SPY has yielded a comparatively higher 15.70% annualized return.

MUX

1D
-1.60%
1M
-9.79%
YTD
3.03%
6M
-2.95%
1Y
110.72%
3Y*
39.33%
5Y*
5.78%
10Y*
-6.07%

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MUX vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MUX
McEwen Mining Inc.		3.03%137.92%7.91%23.04%-33.90%-10.00%-22.44%-30.01%-19.78%-21.37%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between MUX and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.28

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Jan 29, 1993

0.12

Over the past year, MUX and SPY have become more correlated (0.38) than their long-term average of 0.12, meaning their price movements have been converging.

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McEwen Mining Inc.

State Street SPDR S&P 500 ETF

Often compared with MUX:
MUX vs. CCOMUX vs. VOOMUX vs. SIIMUX vs. NAKMUX vs. HLMUX vs. KGCMUX vs. SLV
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

MUX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MUX
MUX Risk / Return Rank: 8080
Overall Rank
MUX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
MUX Sortino Ratio Rank: 7878
Sortino Ratio Rank
MUX Omega Ratio Rank: 7878
Omega Ratio Rank
MUX Calmar Ratio Rank: 8282
Calmar Ratio Rank
MUX Martin Ratio Rank: 8080
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
Martin Ratio Rank
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.

MUX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for McEwen Mining Inc. (MUX) 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.

MUXSPYDifference
Sharpe ratioReturn per unit of total volatility
1.63
2.16

-0.53

Sortino ratioReturn per unit of downside risk
2.14
2.91

-0.77

Omega ratioGain probability vs. loss probability

1.28

1.39

-0.12

Calmar ratioReturn relative to maximum drawdown

2.75

3.01

-0.26

Martin ratioReturn relative to average drawdown

6.38

13.54

-7.16

MUX vs. SPY - Sharpe Ratio Comparison

The current MUX Sharpe Ratio is 1.63, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of MUX 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.

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Drawdowns

MUX vs. SPY - Drawdown Comparison

The maximum MUX drawdown since its inception was -99.67%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MUX and SPY.

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Drawdown Indicators

MUXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-99.67%

-55.19%

-44.48%

Max Drawdown (1Y)

Largest decline over 1 year

-40.48%

-8.88%

-31.60%

Max Drawdown (3Y)

Largest decline over 3 years

-46.49%

-18.76%

-27.73%

Max Drawdown (5Y)

Largest decline over 5 years

-80.47%

-24.50%

-55.97%

Max Drawdown (10Y)

Largest decline over 10 years

-93.89%

-33.72%

-60.17%

Current Drawdown

Current decline from peak

-93.66%

-1.75%

-91.91%

Average Drawdown

Average peak-to-trough decline

-86.48%

-9.04%

-77.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.43%

1.97%

+15.46%

Volatility

MUX vs. SPY - Volatility Comparison

McEwen Mining Inc. (MUX) has a higher volatility of 21.38% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that MUX'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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Volatility by Period

MUXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.38%

4.64%

+16.74%

Volatility (6M)

Calculated over the trailing 6-month period

51.06%

9.75%

+41.31%

Volatility (1Y)

Calculated over the trailing 1-year period

68.43%

12.43%

+56.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

63.42%

17.14%

+46.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.89%

17.99%

+45.90%

Dividends

MUX vs. SPY - Dividend Comparison

MUX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

PositionTTM20252024202320222021202020192018201720162015
MUX
McEwen Mining Inc.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.39%0.55%0.44%0.34%0.47%
SPY
State Street SPDR S&P 500 ETF		1.01%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

MUX and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MUX has higher volatility (21.38%) compared to SPY (4.64%). In terms of maximum drawdown, MUX dropped -99.67% vs SPY's -55.19%.

SPY currently has the higher Sharpe Ratio (2.16 vs 1.63), 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.

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