MBIN vs SPY: Correlation
Measured on weekly returns over the past three years, Merchants Bancorp (MBIN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MBIN and SPY?
Over the past 3 years, MBIN and SPY moved with a correlation of 0.32, which is moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.32). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 187.0 %².
Among the 11 assets we track against MBIN, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: MBIN led by 42.7 percentage points, +63.3% for MBIN against +20.6% for SPY. Risk is not evenly split, since MBIN carries 2.7 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.
MBIN vs SPY: side by side
| MBIN (Merchants Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +63.3% | +20.6% |
| 5-year return | +132.1% | +82.4% |
| Volatility (ann.) | 39.8% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -43.9% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 0.79% | 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 | MBIN | SPY |
|---|---|---|
| 2022 | -22.1% | -18.2% |
| 2023 | +77.0% | +26.2% |
| 2024 | -13.6% | +24.9% |
| 2025 | -5.5% | +17.7% |
| 2026 | +57.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MBIN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MBIN and SPY?
As of 2026-08-27, the correlation of weekly returns between MBIN and SPY is 0.32 over 3 years, 0.13 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for MBIN?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mbin-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mbin-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MBIN correlations · SPY correlations
