MC vs SPY: Correlation
How closely do Moelis & Company (MC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MC and SPY?
On 3 years of weekly data the MC/SPY correlation comes out at 0.58, moderate. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.58). The 5-year figure is 0.63, and annualized covariance runs at 295.0 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against MC. The last year tells two different stories: SPY led by 22.1 percentage points, -1.5% for MC against +20.6% for SPY. One caveat on sizing: MC 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.
MC vs SPY: side by side
| MC (Moelis & Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.5% | +20.6% |
| 5-year return | +42.5% | +82.4% |
| Volatility (ann.) | 35.1% | 14.5% |
| Beta vs S&P 500 | 1.41 | 1.00 |
| Max drawdown (3Y) | -39.3% | -18.8% |
| Market cap | $5.1B | – |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 3.87% | 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 | MC | SPY |
|---|---|---|
| 2022 | -35.2% | -18.2% |
| 2023 | +54.9% | +26.2% |
| 2024 | +37.1% | +24.9% |
| 2025 | -3.1% | +17.7% |
| 2026 | +2.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MC and SPY good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MC and SPY?
As of 2026-08-27, the correlation of weekly returns between MC and SPY is 0.58 over 3 years, 0.43 over 1 year and 0.63 over 5 years.
Is SPY a good diversifier for MC?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MC correlations · SPY correlations
