MFM vs SPY: Correlation
Aberdeen Municipal Income Fund (MFM) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFM and SPY?
Across a 3-year window, the weekly returns of MFM and SPY correlate at 0.32, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.32 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 58.2 %².
Among the 10 assets we track against MFM, SPY sits near the bottom by co-movement, at rank #6. The trailing year gives SPY the advantage: +11.2% versus +20.6%, a 9.4-point spread.
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.
MFM vs SPY: side by side
| MFM (Aberdeen Municipal Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.2% | +20.6% |
| 5-year return | -4.9% | +82.4% |
| Volatility (ann.) | 12.8% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -11.7% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 5.25% | 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 | MFM | SPY |
|---|---|---|
| 2022 | -22.6% | -18.2% |
| 2023 | +4.2% | +26.2% |
| 2024 | +8.5% | +24.9% |
| 2025 | +7.0% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFM and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MFM and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.43 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for MFM?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: MFM correlations · SPY correlations
