MCRI vs SPY: Correlation
How closely do Monarch Casino & Resort, Inc. (MCRI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCRI and SPY?
Over the past 3 years, MCRI and SPY moved with a correlation of 0.35, which is moderate. The past 12 months show a weaker link (0.08) than the 3-year average (0.35). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 135.6 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against MCRI. Twelve-month performance is nearly a tie, at +18.6% for MCRI and +20.6% for SPY. Risk is not evenly split, since MCRI carries 1.9 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.
MCRI vs SPY: side by side
| MCRI (Monarch Casino & Resort, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.6% | +20.6% |
| 5-year return | +113.4% | +82.4% |
| Volatility (ann.) | 27.2% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -23.1% | -18.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 0.97% | 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 | MCRI | SPY |
|---|---|---|
| 2022 | +4.0% | -18.2% |
| 2023 | -2.6% | +26.2% |
| 2024 | +16.0% | +24.9% |
| 2025 | +22.9% | +17.7% |
| 2026 | +29.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCRI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MCRI and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.08 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for MCRI?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: MCRI correlations · SPY correlations
