MERC vs SPY: Correlation
Mercer International Inc. (MERC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MERC and SPY?
On 3 years of weekly data the MERC/SPY correlation comes out at 0.32, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.32). The 5-year figure is 0.27, and annualized covariance runs at 288.1 %².
Among the 11 assets we track against MERC, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 108.6 percentage points (-88.0% for MERC against +20.6% for SPY). One caveat on sizing: MERC is 4.4 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.
MERC vs SPY: side by side
| MERC (Mercer International Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -88.0% | +20.6% |
| 5-year return | -96.1% | +82.4% |
| Volatility (ann.) | 63.1% | 14.5% |
| Beta vs S&P 500 | 1.38 | 1.00 |
| Max drawdown (3Y) | -96.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | MERC | SPY |
|---|---|---|
| 2022 | -0.6% | -18.2% |
| 2023 | -15.7% | +26.2% |
| 2024 | -28.7% | +24.9% |
| 2025 | -68.5% | +17.7% |
| 2026 | -80.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MERC and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MERC and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.19 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for MERC?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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: MERC correlations · SPY correlations
