MAN vs SPY: Correlation
ManpowerGroup (MAN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAN and SPY?
On 3 years of weekly data the MAN/SPY correlation comes out at 0.26, weak. The link has loosened recently: the 1-year correlation (0.03) runs below the 3-year figure (0.26). The 5-year figure is 0.34, and annualized covariance runs at 164.7 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against MAN. The last year tells two different stories: MAN led by 35.5 percentage points, +56.1% for MAN against +20.6% for SPY. One caveat on sizing: MAN is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MAN vs SPY: side by side
| MAN (ManpowerGroup) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +56.1% | +20.6% |
| 5-year return | -37.6% | +82.4% |
| Volatility (ann.) | 44.3% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -64.7% | -18.8% |
| Market cap | $2.9B | – |
| P/E (trailing) | 27.9 | – |
| Dividend yield | 2.32% | 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 | MAN | SPY |
|---|---|---|
| 2022 | -11.8% | -18.2% |
| 2023 | -0.6% | +26.2% |
| 2024 | -24.0% | +24.9% |
| 2025 | -46.2% | +17.7% |
| 2026 | +114.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAN and SPY good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MAN and SPY?
The MAN/SPY correlation stands at 0.26 on a 3-year window (1 year: 0.03, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MAN?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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: MAN correlations · SPY correlations
