MGM vs SPYV: Correlation
Measured on weekly returns over the past three years, MGM Resorts (MGM) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGM and SPYV?
Across a 3-year window, the weekly returns of MGM and SPYV correlate at 0.55, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.55 over 3 years. Stretching to 5 years gives 0.63, with an annualized covariance of 236.0 %².
Within MGM's tracked universe of 41 assets, SPYV comes in at #11 by 3-year correlation. The trailing year gives SPYV the advantage: +8.0% versus +18.5%, a 10.5-point spread. The rolling one-year correlation moved between 0.34 and 0.81 over the past three years, a moderate range. One caveat on sizing: MGM is 2.9 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.
MGM vs SPYV: side by side
| MGM (MGM Resorts) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +8.0% | +18.5% |
| 5-year return | +0.8% | +73.5% |
| Volatility (ann.) | 35.2% | 12.1% |
| Beta vs S&P 500 | 1.18 | 0.70 |
| Max drawdown (3Y) | -46.0% | -17.5% |
| Market cap | $11.0B | – |
| P/E (trailing) | 26.4 | – |
| Dividend yield | 0.00% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Consumer Discretionary | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | MGM | SPYV |
|---|---|---|
| 2022 | -25.3% | -5.3% |
| 2023 | +33.3% | +22.2% |
| 2024 | -22.4% | +12.2% |
| 2025 | +5.3% | +13.2% |
| 2026 | +17.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGM and SPYV good diversifiers for each other?
Only partially. A correlation of 0.55 means MGM and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MGM and SPYV?
As of 2026-08-27, the correlation of weekly returns between MGM and SPYV is 0.55 over 3 years, 0.33 over 1 year and 0.63 over 5 years.
Is SPYV a good diversifier for MGM?
Only partially. A correlation of 0.55 means MGM and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgm-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgm-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGM correlations · SPYV correlations
