MGEE vs SPY: Correlation
How closely do MGE Energy Inc. (MGEE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGEE and SPY?
Across a 3-year window, the weekly returns of MGEE and SPY correlate at 0.14, weak. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.14). Stretching to 5 years gives 0.25, with an annualized covariance of 54.5 %².
SPY is close to the least connected end of MGEE's tracked universe, ranking #11 of 15. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.9 percentage points (-8.3% for MGEE against +20.6% for SPY). One caveat on sizing: MGEE is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MGEE vs SPY: side by side
| MGEE (MGE Energy Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.3% | +20.6% |
| 5-year return | +8.2% | +82.4% |
| Volatility (ann.) | 27.4% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -30.9% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 2.39% | 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 | MGEE | SPY |
|---|---|---|
| 2022 | -12.6% | -18.2% |
| 2023 | +5.1% | +26.2% |
| 2024 | +32.8% | +24.9% |
| 2025 | -14.7% | +17.7% |
| 2026 | +1.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGEE and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGEE and SPY?
As of 2026-08-27, the correlation of weekly returns between MGEE and SPY is 0.14 over 3 years, -0.05 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for MGEE?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: MGEE correlations · SPY correlations
