MHO vs SPY: Correlation
M/I Homes, Inc. (MHO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHO and SPY?
Across a 3-year window, the weekly returns of MHO and SPY correlate at 0.35, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.35). Stretching to 5 years gives 0.49, with an annualized covariance of 192.4 %².
SPY is close to the least connected end of MHO's tracked universe, ranking #17 of 21. The last year tells two different stories: SPY led by 17.2 percentage points, +3.4% for MHO against +20.6% for SPY. One caveat on sizing: MHO is 2.6 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.
MHO vs SPY: side by side
| MHO (M/I Homes, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.4% | +20.6% |
| 5-year return | +131.4% | +82.4% |
| Volatility (ann.) | 38.2% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -40.6% | -18.8% |
| Market cap | $3.8B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 0.00% | 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 | MHO | SPY |
|---|---|---|
| 2022 | -25.7% | -18.2% |
| 2023 | +198.3% | +26.2% |
| 2024 | -3.5% | +24.9% |
| 2025 | -3.8% | +17.7% |
| 2026 | +18.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHO and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MHO and SPY?
As of 2026-08-27, the correlation of weekly returns between MHO and SPY is 0.35 over 3 years, 0.17 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for MHO?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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.
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Related comparisons
Hubs: MHO correlations · SPY correlations
