MGPI vs SPY: Correlation
MGP Ingredients, Inc. (MGPI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGPI and SPY?
Across a 3-year window, the weekly returns of MGPI and SPY correlate at 0.27, weak. The past 12 months show a weaker link (0.12) than the 3-year average (0.27). Stretching to 5 years gives 0.30, with an annualized covariance of 156.4 %².
Out of 11 assets tracked against MGPI, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 64.6 percentage points, -44.0% for MGPI against +20.6% for SPY. Note the risk asymmetry: MGPI runs 2.8 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.
MGPI vs SPY: side by side
| MGPI (MGP Ingredients, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -44.0% | +20.6% |
| 5-year return | -73.6% | +82.4% |
| Volatility (ann.) | 40.4% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -86.5% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.75% | 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 | MGPI | SPY |
|---|---|---|
| 2022 | +25.8% | -18.2% |
| 2023 | -7.0% | +26.2% |
| 2024 | -59.8% | +24.9% |
| 2025 | -37.3% | +17.7% |
| 2026 | -31.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGPI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGPI and SPY?
The MGPI/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.12, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MGPI?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MGPI correlations · SPY correlations
