MFA vs SPY: Correlation
MFA Financial, Inc. (MFA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFA and SPY?
On 3 years of weekly data the MFA/SPY correlation comes out at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 133.4 %².
Within MFA's tracked universe of 23 assets, SPY comes in at #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.8 points (+2.8% versus +20.6%). Note the risk asymmetry: MFA runs 1.8 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.
MFA vs SPY: side by side
| MFA (MFA Financial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.8% | +20.6% |
| 5-year return | -8.1% | +82.4% |
| Volatility (ann.) | 25.6% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -31.6% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 8.8 | – |
| Dividend yield | 16.36% | 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 | MFA | SPY |
|---|---|---|
| 2022 | -37.2% | -18.2% |
| 2023 | +30.7% | +26.2% |
| 2024 | +2.6% | +24.9% |
| 2025 | +6.1% | +17.7% |
| 2026 | +2.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFA and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MFA and SPY?
As of 2026-08-27, the correlation of weekly returns between MFA and SPY is 0.36 over 3 years, 0.35 over 1 year and 0.50 over 5 years.
Is SPY a good diversifier for MFA?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MFA correlations · SPY correlations
