MAAS vs SPY: Correlation
How closely do Maase Inc. - Class A (MAAS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAAS and SPY?
On 3 years of weekly data the MAAS/SPY correlation comes out at 0.11, weak. The past 12 months show a tighter link (0.36) than the 3-year average (0.11). The 5-year figure is 0.06, and annualized covariance runs at 208.2 %².
Among the 13 assets we track against MAAS, SPY ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MAAS ahead by 287.8 points (+308.4% versus +20.6%). Note the risk asymmetry: MAAS runs 8.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MAAS vs SPY: side by side
| MAAS (Maase Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +308.4% | +20.6% |
| 5-year return | -94.5% | +82.4% |
| Volatility (ann.) | 126.1% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -99.6% | -18.8% |
| Market cap | $7.3B | – |
| 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 | MAAS | SPY |
|---|---|---|
| 2022 | +14.9% | -18.2% |
| 2023 | -19.2% | +26.2% |
| 2024 | -94.6% | +24.9% |
| 2025 | -73.1% | +17.7% |
| 2026 | +206.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAAS and SPY good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MAAS and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.36 over the last year and 0.06 over 5 years.
Is SPY a good diversifier for MAAS?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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: MAAS correlations · SPY correlations
