METC vs SPY: Correlation
How closely do Ramaco Resources, Inc. (METC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are METC and SPY?
Over the past 3 years, METC and SPY moved with a correlation of 0.19, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.19 over 3 years. Over 5 years the correlation is 0.11, and the annualized covariance of weekly returns is 235.2 %².
Out of 13 assets tracked against METC, SPY lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 65.7 percentage points (-45.1% for METC against +20.6% for SPY). Note the risk asymmetry: METC runs 5.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
METC vs SPY: side by side
| METC (Ramaco Resources, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -45.1% | +20.6% |
| 5-year return | +83.2% | +82.4% |
| Volatility (ann.) | 86.1% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -83.7% | -18.8% |
| Market cap | $0.9B | – |
| 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 | METC | SPY |
|---|---|---|
| 2022 | -33.0% | -18.2% |
| 2023 | +105.9% | +26.2% |
| 2024 | -37.9% | +24.9% |
| 2025 | +77.9% | +17.7% |
| 2026 | -22.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are METC and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between METC and SPY?
The METC/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.07, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for METC?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: METC correlations · SPY correlations
