MELI vs SPY: Correlation
MercadoLibre, Inc. (MELI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MELI and SPY?
Across a 3-year window, the weekly returns of MELI and SPY correlate at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.35 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 216.5 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against MELI. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 40.6 percentage points (-20.0% for MELI against +20.6% for SPY). Risk is not evenly split, since MELI carries 2.5 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.
MELI vs SPY: side by side
| MELI (MercadoLibre, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.0% | +20.6% |
| 5-year return | +2.8% | +82.4% |
| Volatility (ann.) | 35.7% | 14.5% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -40.8% | -18.8% |
| Market cap | $97.9B | – |
| P/E (trailing) | 53.2 | – |
| Dividend yield | 0.00% | 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 | MELI | SPY |
|---|---|---|
| 2022 | -37.2% | -18.2% |
| 2023 | +85.7% | +26.2% |
| 2024 | +8.2% | +24.9% |
| 2025 | +18.5% | +17.7% |
| 2026 | -4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MELI and SPY good diversifiers for each other?
Reasonably. At 0.42, MELI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MELI and SPY?
As of 2026-08-27, the correlation of weekly returns between MELI and SPY is 0.42 over 3 years, 0.35 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for MELI?
Reasonably. At 0.42, MELI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/meli-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/meli-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MELI correlations · SPY correlations
