MGIH vs SPY: Correlation
How closely do Millennium Group International Holdings Limited (MGIH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGIH and SPY?
Across a 3-year window, the weekly returns of MGIH and SPY correlate at 0.05, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.17 versus 0.05 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 66.9 %².
Among the 12 assets we track against MGIH, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 34.4 percentage points (-13.8% for MGIH against +20.6% for SPY). Note the risk asymmetry: MGIH runs 6.9 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.
MGIH vs SPY: side by side
| MGIH (Millennium Group International Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.8% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 100.5% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -60.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | MGIH | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +21.8% | +24.9% |
| 2025 | -17.9% | +17.7% |
| 2026 | +26.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGIH and SPY good diversifiers for each other?
Yes. With a correlation of 0.05, MGIH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MGIH and SPY?
The MGIH/SPY correlation stands at 0.05 on a 3-year window (1 year: 0.17, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MGIH?
Yes. With a correlation of 0.05, MGIH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.05 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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Hubs: MGIH correlations · SPY correlations
