MAA vs SPY: Correlation
Mid-America Apartment Communities (MAA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAA and SPY?
On 3 years of weekly data the MAA/SPY correlation comes out at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.35 over 3 years. The 5-year figure is 0.51, and annualized covariance runs at 101.6 %².
By 3-year correlation, SPY places #19 of the 31 assets tracked against MAA. Correlation aside, the last 12 months split them widely, with SPY ahead by 27.2 points (-6.6% versus +20.6%). This link changes with the market regime, having swung between 0.02 and 0.71 on a rolling one-year basis.
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.
MAA vs SPY: side by side
| MAA (Mid-America Apartment Communities) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.6% | +20.6% |
| 5-year return | -19.3% | +82.4% |
| Volatility (ann.) | 20.3% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -26.4% | -18.8% |
| Market cap | $15.3B | – |
| P/E (trailing) | 37.7 | – |
| Dividend yield | 4.63% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | MAA | SPY |
|---|---|---|
| 2022 | -29.7% | -18.2% |
| 2023 | -11.1% | +26.2% |
| 2024 | +19.9% | +24.9% |
| 2025 | -6.4% | +17.7% |
| 2026 | -4.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAA and SPY good diversifiers for each other?
Reasonably. At 0.35, MAA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MAA and SPY?
As of 2026-08-27, the correlation of weekly returns between MAA and SPY is 0.35 over 3 years, 0.03 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for MAA?
Reasonably. At 0.35, MAA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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: MAA correlations · SPY correlations
