MAIN vs SPY: Correlation
Main Street Capital Corporation (MAIN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAIN and SPY?
Over the past 3 years, MAIN and SPY moved with a correlation of 0.50, which is moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 143.2 %².
Within MAIN's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SPY led by 23.1 percentage points, -2.5% for MAIN against +20.6% for SPY.
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.
MAIN vs SPY: side by side
| MAIN (Main Street Capital Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.5% | +20.6% |
| 5-year return | +106.5% | +82.4% |
| Volatility (ann.) | 19.6% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -22.4% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 5.29% | 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 | MAIN | SPY |
|---|---|---|
| 2022 | -11.4% | -18.2% |
| 2023 | +28.2% | +26.2% |
| 2024 | +47.3% | +24.9% |
| 2025 | +10.7% | +17.7% |
| 2026 | +1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAIN and SPY good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MAIN and SPY?
As of 2026-08-27, the correlation of weekly returns between MAIN and SPY is 0.50 over 3 years, 0.40 over 1 year and 0.57 over 5 years.
Is SPY a good diversifier for MAIN?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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: MAIN correlations · SPY correlations
