MAT vs SPY: Correlation
How closely do Mattel, Inc. (MAT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAT and SPY?
Across a 3-year window, the weekly returns of MAT and SPY correlate at 0.37, moderate. Recent behaviour matches the longer record: 0.37 over 1 year against 0.37 over 3. Stretching to 5 years gives 0.45, with an annualized covariance of 180.7 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against MAT. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 40.1 percentage points (-19.5% for MAT against +20.6% for SPY). One caveat on sizing: MAT is 2.3 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.
MAT vs SPY: side by side
| MAT (Mattel, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.5% | +20.6% |
| 5-year return | -31.2% | +82.4% |
| Volatility (ann.) | 34.0% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -41.5% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | 11.1 | – |
| 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 | MAT | SPY |
|---|---|---|
| 2022 | -17.3% | -18.2% |
| 2023 | +5.8% | +26.2% |
| 2024 | -6.1% | +24.9% |
| 2025 | +11.9% | +17.7% |
| 2026 | -24.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAT and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MAT and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.37 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for MAT?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: MAT correlations · SPY correlations
