MGM vs SPY: Correlation
How closely do MGM Resorts (MGM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGM and SPY?
Across a 3-year window, the weekly returns of MGM and SPY correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.48 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 246.9 %².
Within MGM's tracked universe of 41 assets, SPY comes in at #17 by 3-year correlation. On 12-month performance SPY holds a 12.6-point edge, +8.0% against +20.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.13 to 0.78. One caveat on sizing: MGM is 2.4 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.
MGM vs SPY: side by side
| MGM (MGM Resorts) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.0% | +20.6% |
| 5-year return | +0.8% | +82.4% |
| Volatility (ann.) | 35.2% | 14.5% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -46.0% | -18.8% |
| Market cap | $11.0B | – |
| P/E (trailing) | 26.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | MGM | SPY |
|---|---|---|
| 2022 | -25.3% | -18.2% |
| 2023 | +33.3% | +26.2% |
| 2024 | -22.4% | +24.9% |
| 2025 | +5.3% | +17.7% |
| 2026 | +17.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGM and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MGM and SPY?
As of 2026-08-27, the correlation of weekly returns between MGM and SPY is 0.48 over 3 years, 0.13 over 1 year and 0.58 over 5 years.
Is SPY a good diversifier for MGM?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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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Related comparisons
Hubs: MGM correlations · SPY correlations
