MEOH vs SPY: Correlation
Measured on weekly returns over the past three years, Methanex Corporation (MEOH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEOH and SPY?
Across a 3-year window, the weekly returns of MEOH and SPY correlate at 0.19, weak. The link has loosened recently: the 1-year correlation (-0.22) runs below the 3-year figure (0.19). Stretching to 5 years gives 0.27, with an annualized covariance of 113.0 %².
Among the 10 assets we track against MEOH, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months MEOH outperformed by 46.5 percentage points (+67.1% for MEOH against +20.6% for SPY). One caveat on sizing: MEOH is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MEOH vs SPY: side by side
| MEOH (Methanex Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +67.1% | +20.6% |
| 5-year return | +74.8% | +82.4% |
| Volatility (ann.) | 40.4% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -52.2% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 66.3 | – |
| Dividend yield | 1.30% | 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 | MEOH | SPY |
|---|---|---|
| 2022 | -2.8% | -18.2% |
| 2023 | +27.3% | +26.2% |
| 2024 | +7.3% | +24.9% |
| 2025 | -18.9% | +17.7% |
| 2026 | +47.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEOH and SPY good diversifiers for each other?
Yes. With a correlation of 0.19, MEOH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MEOH and SPY?
As of 2026-08-27, the correlation of weekly returns between MEOH and SPY is 0.19 over 3 years, -0.22 over 1 year and 0.27 over 5 years.
Is SPY a good diversifier for MEOH?
Yes. With a correlation of 0.19, MEOH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
A reading of 0.19 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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Hubs: MEOH correlations · SPY correlations
