MGA vs SPY: Correlation
Measured on weekly returns over the past three years, Magna International, Inc. (MGA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGA and SPY?
On 3 years of weekly data the MGA/SPY correlation comes out at 0.40, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.40). The 5-year figure is 0.53, and annualized covariance runs at 181.5 %².
By 3-year correlation, SPY places #12 of the 18 assets tracked against MGA. Correlation aside, the last 12 months split them widely, with MGA ahead by 24.6 points (+45.2% versus +20.6%). Note the risk asymmetry: MGA runs 2.2 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.
MGA vs SPY: side by side
| MGA (Magna International, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +45.2% | +20.6% |
| 5-year return | -1.8% | +82.4% |
| Volatility (ann.) | 31.5% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -45.6% | -18.8% |
| Market cap | $17.6B | – |
| P/E (trailing) | 24.2 | – |
| Dividend yield | 2.98% | 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 | MGA | SPY |
|---|---|---|
| 2022 | -28.6% | -18.2% |
| 2023 | +8.8% | +26.2% |
| 2024 | -26.3% | +24.9% |
| 2025 | +32.4% | +17.7% |
| 2026 | +26.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGA and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.12 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for MGA?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mga-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mga-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGA correlations · SPY correlations
