MCHP vs SPY: Correlation
Measured on weekly returns over the past three years, Microchip Technology (MCHP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCHP and SPY?
Over the past 3 years, MCHP and SPY moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 410.9 %².
By 3-year correlation, SPY places #21 of the 44 assets tracked against MCHP. Their 12-month results are close: +16.2% for MCHP against +20.6% for SPY. The rolling one-year correlation moved between 0.47 and 0.73 over the past three years, a moderate range. Risk is not evenly split, since MCHP carries 3.2 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.
MCHP vs SPY: side by side
| MCHP (Microchip Technology) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.2% | +20.6% |
| 5-year return | +5.9% | +82.4% |
| Volatility (ann.) | 46.7% | 14.5% |
| Beta vs S&P 500 | 1.97 | 1.00 |
| Max drawdown (3Y) | -63.8% | -18.8% |
| Market cap | $41.0B | – |
| P/E (trailing) | 109.4 | – |
| Dividend yield | 2.46% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | MCHP | SPY |
|---|---|---|
| 2022 | -18.0% | -18.2% |
| 2023 | +30.9% | +26.2% |
| 2024 | -35.0% | +24.9% |
| 2025 | +14.6% | +17.7% |
| 2026 | +20.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of SPY is MCHP itself, so the fund partly moves with the stock by construction.
Are MCHP and SPY good diversifiers for each other?
Only partially. A correlation of 0.61 means MCHP and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MCHP and SPY?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.60 over the last year and 0.63 over 5 years.
Is SPY a good diversifier for MCHP?
Only partially. A correlation of 0.61 means MCHP and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
A reading of 0.61 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mchp-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mchp-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MCHP correlations · SPY correlations
