MGLD vs SPY: Correlation
How closely do The Marygold Companies, Inc. (MGLD) 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 MGLD and SPY?
Across a 3-year window, the weekly returns of MGLD and SPY correlate at -0.05, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.12 over 1 year against -0.05 over 3. Stretching to 5 years gives 0.09, with an annualized covariance of -58.3 %².
By 3-year correlation, SPY places #6 of the 16 assets tracked against MGLD. Over the last 12 months SPY came out ahead by 11.9 percentage points (+8.7% against +20.6%). One caveat on sizing: MGLD is 5.3 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.
MGLD vs SPY: side by side
| MGLD (The Marygold Companies, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.7% | +20.6% |
| 5-year return | -70.5% | +82.4% |
| Volatility (ann.) | 77.2% | 14.5% |
| Beta vs S&P 500 | -0.28 | 1.00 |
| Max drawdown (3Y) | -66.8% | -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 | MGLD | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -29.3% | +26.2% |
| 2024 | +66.0% | +24.9% |
| 2025 | -49.8% | +17.7% |
| 2026 | +13.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGLD and SPY good diversifiers for each other?
Yes: at -0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGLD and SPY?
The MGLD/SPY correlation stands at -0.05 on a 3-year window (1 year: -0.12, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MGLD?
Yes: at -0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.05 mean?
On the −1 to +1 scale, -0.05 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: MGLD correlations · SPY correlations
