We assessed genetic correlations between mood disorder subtypes. We observed high, consistent correlations between major depressive disorder subtypes, including sub-threshold depression. Bipolar disorder type 2 showed greater genetic similarity to major depressive disorder compared to type 1. In this, we build on similar findings from polygenic risk scores analyses (16, 56). Individuals with high polygenic risk scores for PGC BD were more likely to report recurrent than single-episode major depressive disorder. However, the genetic correlation of PGC BD with recurrent major depressive disorder was not significantly greater than that with single-episode major depressive disorder. This might reflect the difference in power between these methods. We also examined the genetic correlations between mood disorder subtypes in the context of relevant external traits (Supplementary Results). Our subtype analyses support a genetic mood spectrum consisting of the schizophrenia-like bipolar disorder type 1 and schizoaffective disorder at one pole, and the depressive disorders at the other, with bipolar disorder type 2 occupying an intermediate position.