MDLZ vs SPY: Correlation
Mondelez International (MDLZ) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDLZ and SPY?
Across a 3-year window, the weekly returns of MDLZ and SPY correlate at 0.02, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.06 lands near the 3-year figure. Stretching to 5 years gives 0.24, with an annualized covariance of 7.2 %².
By 3-year correlation, SPY places #26 of the 40 assets tracked against MDLZ. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.0 percentage points (+4.6% for MDLZ against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.12 to 0.44.
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.
MDLZ vs SPY: side by side
| MDLZ (Mondelez International) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.6% | +20.6% |
| 5-year return | +14.7% | +82.4% |
| Volatility (ann.) | 20.5% | 14.5% |
| Beta vs S&P 500 | 0.03 | 1.00 |
| Max drawdown (3Y) | -29.0% | -18.8% |
| Market cap | $79.7B | – |
| P/E (trailing) | 22.9 | – |
| Dividend yield | 3.17% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | MDLZ | SPY |
|---|---|---|
| 2022 | +2.9% | -18.2% |
| 2023 | +11.2% | +26.2% |
| 2024 | -15.3% | +24.9% |
| 2025 | -7.0% | +17.7% |
| 2026 | +18.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds MDLZ at a 0.12% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MDLZ and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
FAQ
What is the correlation between MDLZ and SPY?
As of 2026-08-27, the correlation of weekly returns between MDLZ and SPY is 0.02 over 3 years, -0.06 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for MDLZ?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
What does a correlation of 0.02 mean?
A reading of 0.02 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: MDLZ correlations · SPY correlations
