LOAN vs SPY: Correlation
Measured on weekly returns over the past three years, Manhattan Bridge Capital, Inc (LOAN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.04, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LOAN and SPY?
Across a 3-year window, the weekly returns of LOAN and SPY correlate at 0.04, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.17 versus 0.04 over 3 years. Stretching to 5 years gives 0.14, with an annualized covariance of 14.4 %².
SPY is close to the least connected end of LOAN's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 37.6 points (-17.0% versus +20.6%). Risk is not evenly split, since LOAN carries 1.6 times the volatility of the other side.
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.
LOAN vs SPY: side by side
| LOAN (Manhattan Bridge Capital, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.0% | +20.6% |
| 5-year return | -1.5% | +82.4% |
| Volatility (ann.) | 22.8% | 14.5% |
| Beta vs S&P 500 | 0.07 | 1.00 |
| Max drawdown (3Y) | -24.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 11.17% | 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 | LOAN | SPY |
|---|---|---|
| 2022 | +5.7% | -18.2% |
| 2023 | +2.2% | +26.2% |
| 2024 | +22.5% | +24.9% |
| 2025 | -9.4% | +17.7% |
| 2026 | -8.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LOAN and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LOAN and SPY?
The LOAN/SPY correlation stands at 0.04 on a 3-year window (1 year: 0.17, 5 years: 0.14), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LOAN?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
A reading of 0.04 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LOAN correlations · SPY correlations
