MCO vs SPGI: Correlation
Measured on weekly returns over the past three years, Moody's Corporation (MCO) and S&P Global (SPGI) carry a correlation of 0.89, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCO and SPGI?
Over the past 3 years, MCO and SPGI moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.91) sits close to the 3-year figure. Over 5 years the correlation is 0.90, and the annualized covariance of weekly returns is 565.6 %².
SPGI is one of the assets that tracks MCO most closely: it ranks #1 out of the 53 assets we track against MCO. The last year tells two different stories: MCO led by 16.3 percentage points, +0.7% for MCO against -15.6% for SPGI. Stability stands out here, with the rolling one-year correlation confined to 0.76 through 0.93.
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.
MCO vs SPGI: side by side
| MCO (Moody's Corporation) | SPGI (S&P Global) | |
|---|---|---|
| 1-year return | +0.7% | -15.6% |
| 5-year return | +39.4% | +8.1% |
| Volatility (ann.) | 25.8% | 24.7% |
| Beta vs S&P 500 | 1.08 | 0.86 |
| Max drawdown (3Y) | -24.7% | -30.5% |
| Market cap | $88.2B | $128.4B |
| P/E (trailing) | 32.7 | 26.6 |
| Dividend yield | 0.77% | 0.88% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | MCO | SPGI |
|---|---|---|
| 2022 | -28.0% | -28.4% |
| 2023 | +41.5% | +32.8% |
| 2024 | +22.2% | +13.9% |
| 2025 | +8.7% | +5.7% |
| 2026 | +0.3% | -11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCO and SPGI good diversifiers for each other?
No: a correlation of 0.89 means MCO and SPGI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MCO and SPGI?
As of 2026-08-27, the correlation of weekly returns between MCO and SPGI is 0.89 over 3 years, 0.91 over 1 year and 0.90 over 5 years.
Is SPGI a good diversifier for MCO?
No: a correlation of 0.89 means MCO and SPGI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.89 mean?
A reading of 0.89 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: MCO correlations · SPGI correlations
