MCHB vs SPY: Correlation
Measured on weekly returns over the past three years, Mechanics Bancorp (MCHB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCHB and SPY?
Across a 3-year window, the weekly returns of MCHB and SPY correlate at 0.25, weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.25 over 3. Stretching to 5 years gives 0.25, with an annualized covariance of 234.2 %².
SPY is close to the least connected end of MCHB's tracked universe, ranking #7 of 11. The trailing year gives MCHB the advantage: +26.0% versus +20.6%, a 5.4-point spread. Risk is not evenly split, since MCHB carries 4.4 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.
MCHB vs SPY: side by side
| MCHB (Mechanics Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.0% | +20.6% |
| 5-year return | -51.9% | +82.4% |
| Volatility (ann.) | 63.9% | 14.5% |
| Beta vs S&P 500 | 1.12 | 1.00 |
| Max drawdown (3Y) | -56.1% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 8.16% | 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 | MCHB | SPY |
|---|---|---|
| 2022 | -44.8% | -18.2% |
| 2023 | -60.6% | +26.2% |
| 2024 | +10.9% | +24.9% |
| 2025 | +29.9% | +17.7% |
| 2026 | +18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCHB and SPY good diversifiers for each other?
Reasonably. At 0.25, MCHB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MCHB and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.18 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for MCHB?
Reasonably. At 0.25, MCHB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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: MCHB correlations · SPY correlations
