MA vs SPY: Correlation
Measured on weekly returns over the past three years, Mastercard (MA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MA and SPY?
Over the past 3 years, MA and SPY moved with a correlation of 0.58, which is moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.58). Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 161.7 %².
By 3-year correlation, SPY places #16 of the 46 assets tracked against MA. The last year tells two different stories: SPY led by 19.8 percentage points, +0.8% for MA against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.37 to 0.83.
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.
MA vs SPY: side by side
| MA (Mastercard) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.8% | +20.6% |
| 5-year return | +72.6% | +82.4% |
| Volatility (ann.) | 19.3% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -20.9% | -18.8% |
| Market cap | $518.4B | – |
| P/E (trailing) | 32.9 | – |
| Dividend yield | 0.56% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | MA | SPY |
|---|---|---|
| 2022 | -2.7% | -18.2% |
| 2023 | +23.4% | +26.2% |
| 2024 | +24.2% | +24.9% |
| 2025 | +9.0% | +17.7% |
| 2026 | +4.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.73% of SPY is MA itself, so the fund partly moves with the stock by construction.
Are MA and SPY good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MA and SPY?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.36 over the last year and 0.64 over 5 years.
Is SPY a good diversifier for MA?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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: MA correlations · SPY correlations
