MATX vs SPY: Correlation
Matson, Inc. (MATX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATX and SPY?
Over the past 3 years, MATX and SPY moved with a correlation of 0.33, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.33 over 3 years. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 167.3 %².
SPY is close to the least connected end of MATX's tracked universe, ranking #9 of 13. The last year tells two different stories: MATX led by 92.2 percentage points, +112.8% for MATX against +20.6% for SPY. One caveat on sizing: MATX is 2.4 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.
MATX vs SPY: side by side
| MATX (Matson, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +112.8% | +20.6% |
| 5-year return | +195.6% | +82.4% |
| Volatility (ann.) | 34.6% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -46.9% | -18.8% |
| Market cap | $6.6B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 0.65% | 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 | MATX | SPY |
|---|---|---|
| 2022 | -29.5% | -18.2% |
| 2023 | +78.2% | +26.2% |
| 2024 | +24.3% | +24.9% |
| 2025 | -7.2% | +17.7% |
| 2026 | +80.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MATX and SPY?
As of 2026-08-27, the correlation of weekly returns between MATX and SPY is 0.33 over 3 years, 0.19 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for MATX?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: MATX correlations · SPY correlations
