MG vs SPY: Correlation
Mistras Group Inc (MG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MG and SPY?
Over the past 3 years, MG and SPY moved with a correlation of 0.31, which is moderate. The past 12 months show a weaker link (0.08) than the 3-year average (0.31). Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 176.0 %².
SPY is close to the least connected end of MG's tracked universe, ranking #9 of 13. The last year tells two different stories: MG led by 79.1 percentage points, +99.7% for MG against +20.6% for SPY. Note the risk asymmetry: MG runs 2.7 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.
MG vs SPY: side by side
| MG (Mistras Group Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +99.7% | +20.6% |
| 5-year return | +87.3% | +82.4% |
| Volatility (ann.) | 39.7% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -40.8% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 0.00% | 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 | MG | SPY |
|---|---|---|
| 2022 | -33.6% | -18.2% |
| 2023 | +48.5% | +26.2% |
| 2024 | +23.8% | +24.9% |
| 2025 | +39.6% | +17.7% |
| 2026 | +52.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MG and SPY good diversifiers for each other?
Reasonably. At 0.31, MG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MG and SPY?
As of 2026-08-27, the correlation of weekly returns between MG and SPY is 0.31 over 3 years, 0.08 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for MG?
Reasonably. At 0.31, MG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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: MG correlations · SPY correlations
