MGF vs SPY: Correlation
How closely do Aberdeen Government Markets Income Fund (MGF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGF and SPY?
Across a 3-year window, the weekly returns of MGF and SPY correlate at 0.28, weak. The past 12 months show a tighter link (0.39) than the 3-year average (0.28). Stretching to 5 years gives 0.36, with an annualized covariance of 36.0 %².
Out of 10 assets tracked against MGF, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.9 points (+1.7% versus +20.6%). Note the risk asymmetry: SPY runs 1.6 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.
MGF vs SPY: side by side
| MGF (Aberdeen Government Markets Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.7% | +20.6% |
| 5-year return | -3.4% | +82.4% |
| Volatility (ann.) | 8.8% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -8.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 26.3 | – |
| Dividend yield | 8.17% | 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 | MGF | SPY |
|---|---|---|
| 2022 | -15.8% | -18.2% |
| 2023 | +3.8% | +26.2% |
| 2024 | +4.2% | +24.9% |
| 2025 | +6.3% | +17.7% |
| 2026 | +0.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGF and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MGF and SPY?
The MGF/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.39, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MGF?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgf-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgf-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGF correlations · SPY correlations
