MFC vs SPY: Correlation
Measured on weekly returns over the past three years, Manulife Financial Corporation (MFC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFC and SPY?
On 3 years of weekly data the MFC/SPY correlation comes out at 0.59, moderate. The past 12 months show a weaker link (0.46) than the 3-year average (0.59). The 5-year figure is 0.63, and annualized covariance runs at 182.3 %².
Among the 12 assets we track against MFC, SPY ranks #6 by 3-year correlation. The last year tells two different stories: MFC led by 25.7 percentage points, +46.3% for MFC against +20.6% for SPY.
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.
MFC vs SPY: side by side
| MFC (Manulife Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.3% | +20.6% |
| 5-year return | +174.6% | +82.4% |
| Volatility (ann.) | 21.2% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -16.8% | -18.8% |
| Market cap | $71.7B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 4.28% | 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 | MFC | SPY |
|---|---|---|
| 2022 | -1.2% | -18.2% |
| 2023 | +31.1% | +26.2% |
| 2024 | +45.2% | +24.9% |
| 2025 | +20.6% | +17.7% |
| 2026 | +22.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFC and SPY good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MFC and SPY?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.46 over the last year and 0.63 over 5 years.
Is SPY a good diversifier for MFC?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 mean?
A reading of 0.59 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: MFC correlations · SPY correlations
