MFC vs SPYV: Correlation
Measured on weekly returns over the past three years, Manulife Financial Corporation (MFC) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFC and SPYV?
On 3 years of weekly data the MFC/SPYV correlation comes out at 0.66, strong. The past 12 months show a weaker link (0.52) than the 3-year average (0.66). The 5-year figure is 0.71, and annualized covariance runs at 170.5 %².
Among the 12 assets we track against MFC, SPYV ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MFC ahead by 27.8 points (+46.3% versus +18.5%). Note the risk asymmetry: MFC 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.
MFC vs SPYV: side by side
| MFC (Manulife Financial Corporation) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +46.3% | +18.5% |
| 5-year return | +174.6% | +73.5% |
| Volatility (ann.) | 21.2% | 12.1% |
| Beta vs S&P 500 | 0.87 | 0.70 |
| Max drawdown (3Y) | -16.8% | -17.5% |
| Market cap | $71.7B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 4.28% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | MFC | SPYV |
|---|---|---|
| 2022 | -1.2% | -5.3% |
| 2023 | +31.1% | +22.2% |
| 2024 | +45.2% | +12.2% |
| 2025 | +20.6% | +13.2% |
| 2026 | +22.3% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFC and SPYV good diversifiers for each other?
To a limited degree. At 0.66 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 SPYV?
As of 2026-08-27, the correlation of weekly returns between MFC and SPYV is 0.66 over 3 years, 0.52 over 1 year and 0.71 over 5 years.
Is SPYV a good diversifier for MFC?
To a limited degree. At 0.66 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 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mfc-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mfc-vs-spyv/)
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Related comparisons
Hubs: MFC correlations · SPYV correlations
