MFG vs SPY: Correlation
How closely do Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFG and SPY?
Across a 3-year window, the weekly returns of MFG and SPY correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Stretching to 5 years gives 0.39, with an annualized covariance of 214.6 %².
Out of 10 assets tracked against MFG, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with MFG ahead by 38.5 points (+59.1% versus +20.6%). Note the risk asymmetry: MFG runs 2.3 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.
MFG vs SPY: side by side
| MFG (Mizuho Financial Group, Inc. Sponosred ADR (Japan)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +59.1% | +20.6% |
| 5-year return | +297.9% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -28.3% | -18.8% |
| Market cap | $126.8B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 1387.56% | 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 | MFG | SPY |
|---|---|---|
| 2022 | +11.4% | -18.2% |
| 2023 | +21.1% | +26.2% |
| 2024 | +47.9% | +24.9% |
| 2025 | +52.5% | +17.7% |
| 2026 | +42.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFG and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MFG and SPY?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.43 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for MFG?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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: MFG correlations · SPY correlations
