MCB vs SPY: Correlation
How closely do Metropolitan Bank Holding Corp. (MCB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCB and SPY?
Across a 3-year window, the weekly returns of MCB and SPY correlate at 0.31, moderate. The past 12 months show a weaker link (0.05) than the 3-year average (0.31). Stretching to 5 years gives 0.34, with an annualized covariance of 196.2 %².
Among the 10 assets we track against MCB, SPY sits near the bottom by co-movement, at rank #6. Twelve-month performance is nearly a tie, at +17.5% for MCB and +20.6% for SPY. Risk is not evenly split, since MCB carries 3.0 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.
MCB vs SPY: side by side
| MCB (Metropolitan Bank Holding Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.5% | +20.6% |
| 5-year return | +20.3% | +82.4% |
| Volatility (ann.) | 43.5% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -42.3% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.82% | 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 | MCB | SPY |
|---|---|---|
| 2022 | -44.9% | -18.2% |
| 2023 | -5.6% | +26.2% |
| 2024 | +5.5% | +24.9% |
| 2025 | +31.3% | +17.7% |
| 2026 | +21.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCB and SPY good diversifiers for each other?
Reasonably. At 0.31, MCB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MCB and SPY?
The MCB/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.05, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MCB?
Reasonably. At 0.31, MCB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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: MCB correlations · SPY correlations
