MAYS vs SPY: Correlation
How closely do J. W. Mays, Inc. (MAYS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAYS and SPY?
On 3 years of weekly data the MAYS/SPY correlation comes out at 0.01, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.21) runs above the 3-year figure (0.01). The 5-year figure is 0.07, and annualized covariance runs at 6.0 %².
Among the 10 assets we track against MAYS, SPY sits near the bottom by co-movement, at rank #7. The trailing year gives SPY the advantage: +12.9% versus +20.6%, a 7.7-point spread. Risk is not evenly split, since MAYS carries 2.3 times the volatility of the other side.
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.
MAYS vs SPY: side by side
| MAYS (J. W. Mays, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.9% | +20.6% |
| 5-year return | +34.4% | +82.4% |
| Volatility (ann.) | 33.2% | 14.5% |
| Beta vs S&P 500 | 0.03 | 1.00 |
| Max drawdown (3Y) | -30.9% | -18.8% |
| Market cap | $0.1B | – |
| 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 | MAYS | SPY |
|---|---|---|
| 2022 | +18.4% | -18.2% |
| 2023 | -12.7% | +26.2% |
| 2024 | +4.8% | +24.9% |
| 2025 | -9.2% | +17.7% |
| 2026 | +5.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAYS and SPY good diversifiers for each other?
Yes. With a correlation of 0.01, MAYS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MAYS and SPY?
Using weekly returns as of 2026-08-27: 0.01 over 3 years, with 0.21 over the last year and 0.07 over 5 years.
Is SPY a good diversifier for MAYS?
Yes. With a correlation of 0.01, MAYS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.01 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MAYS correlations · SPY correlations
