ATMP vs SPY: Correlation
Measured on weekly returns over the past three years, iPath Select MLP ETN (ATMP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATMP and SPY?
On 3 years of weekly data the ATMP/SPY correlation comes out at 0.24, weak. The past 12 months show a weaker link (-0.36) than the 3-year average (0.24). The 5-year figure is 0.35, and annualized covariance runs at 58.8 %².
Among the 37 assets we track against ATMP, SPY sits near the bottom by co-movement, at rank #33. Over the last 12 months ATMP came out ahead by 13.8 percentage points (+34.4% against +20.6%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ATMP vs SPY: side by side
| ATMP (iPath Select MLP ETN) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.4% | +20.6% |
| 5-year return | +216.1% | +82.4% |
| Volatility (ann.) | 17.0% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -15.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ATMP | SPY |
|---|---|---|
| 2022 | +27.5% | -18.2% |
| 2023 | +21.6% | +26.2% |
| 2024 | +38.7% | +24.9% |
| 2025 | +7.0% | +17.7% |
| 2026 | +32.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATMP and SPY good diversifiers for each other?
Reasonably. At 0.24, ATMP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATMP and SPY?
As of 2026-08-27, the correlation of weekly returns between ATMP and SPY is 0.24 over 3 years, -0.36 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for ATMP?
Reasonably. At 0.24, ATMP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ATMP correlations · SPY correlations
