MGM vs XLY: Correlation
MGM Resorts (MGM) and Consumer Discretionary Select Sector SPDR Fund (XLY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGM and XLY?
On 3 years of weekly data the MGM/XLY correlation comes out at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.42). The 5-year figure is 0.54, and annualized covariance runs at 294.0 %².
By 3-year correlation, XLY places #24 of the 41 assets tracked against MGM. Over the last 12 months MGM came out ahead by 8.1 percentage points (+8.0% against -0.1%). This link changes with the market regime, having swung between 0.09 and 0.70 on a rolling one-year basis. Risk is not evenly split, since MGM carries 1.8 times the volatility of the other side.
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 XLY: side by side
| MGM (MGM Resorts) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +8.0% | -0.1% |
| 5-year return | +0.8% | +31.8% |
| Volatility (ann.) | 35.2% | 19.7% |
| Beta vs S&P 500 | 1.18 | 1.15 |
| Max drawdown (3Y) | -46.0% | -26.0% |
| Market cap | $11.0B | – |
| P/E (trailing) | 26.4 | – |
| Dividend yield | 0.00% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | Consumer Discretionary | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | MGM | XLY |
|---|---|---|
| 2022 | -25.3% | -36.3% |
| 2023 | +33.3% | +39.6% |
| 2024 | -22.4% | +26.5% |
| 2025 | +5.3% | +7.4% |
| 2026 | +17.8% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MGM represents 0.21% of XLY's portfolio, so part of any move in XLY is MGM itself, and the correlation between them is partly mechanical.
Are MGM and XLY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGM and XLY?
The MGM/XLY correlation stands at 0.42 on a 3-year window (1 year: 0.08, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is XLY a good diversifier for MGM?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/mgm-vs-xly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgm-vs-xly/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGM correlations · XLY correlations
