MGY vs SPY: Correlation
Magnolia Oil & Gas Corporation (MGY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and SPY?
Across a 3-year window, the weekly returns of MGY and SPY correlate at 0.18, weak. The past 12 months show a weaker link (-0.39) than the 3-year average (0.18). Stretching to 5 years gives 0.30, with an annualized covariance of 84.1 %².
SPY is close to the least connected end of MGY's tracked universe, ranking #24 of 28. On 12-month performance SPY holds a 10.0-point edge, +10.6% against +20.6%. Note the risk asymmetry: MGY runs 2.2 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.
MGY vs SPY: side by side
| MGY (Magnolia Oil & Gas Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.6% | +20.6% |
| 5-year return | +92.1% | +82.4% |
| Volatility (ann.) | 32.0% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -31.5% | -18.8% |
| Market cap | $6.5B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 2.50% | 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 | MGY | SPY |
|---|---|---|
| 2022 | +26.5% | -18.2% |
| 2023 | -7.3% | +26.2% |
| 2024 | +12.2% | +24.9% |
| 2025 | -3.8% | +17.7% |
| 2026 | +24.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between MGY and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with -0.39 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for MGY?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 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: MGY correlations · SPY correlations
