MBWM vs SPY: Correlation
How closely do Mercantile Bank Corporation (MBWM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MBWM and SPY?
Across a 3-year window, the weekly returns of MBWM and SPY correlate at 0.39, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.39). Stretching to 5 years gives 0.37, with an annualized covariance of 170.3 %².
Out of 26 assets tracked against MBWM, SPY lands near the bottom at #22. Twelve-month performance is nearly a tie, at +23.7% for MBWM and +20.6% for SPY. Risk is not evenly split, since MBWM carries 2.1 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.
MBWM vs SPY: side by side
| MBWM (Mercantile Bank Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.7% | +20.6% |
| 5-year return | +126.2% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -25.0% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 2.57% | 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 | MBWM | SPY |
|---|---|---|
| 2022 | -0.8% | -18.2% |
| 2023 | +25.8% | +26.2% |
| 2024 | +14.0% | +24.9% |
| 2025 | +11.7% | +17.7% |
| 2026 | +26.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MBWM and SPY good diversifiers for each other?
Reasonably. At 0.39, MBWM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MBWM and SPY?
As of 2026-08-27, the correlation of weekly returns between MBWM and SPY is 0.39 over 3 years, 0.12 over 1 year and 0.37 over 5 years.
Is SPY a good diversifier for MBWM?
Reasonably. At 0.39, MBWM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 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: MBWM correlations · SPY correlations
