MITT vs SPY: Correlation
How closely do TPG Mortgage Investment Trust, Inc. (MITT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MITT and SPY?
Over the past 3 years, MITT and SPY moved with a correlation of 0.38, which is moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 157.2 %².
SPY is close to the least connected end of MITT's tracked universe, ranking #9 of 13. The last year tells two different stories: SPY led by 20.3 percentage points, +0.3% for MITT against +20.6% for SPY. Risk is not evenly split, since MITT carries 2.0 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.
MITT vs SPY: side by side
| MITT (TPG Mortgage Investment Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.3% | +20.6% |
| 5-year return | +11.0% | +82.4% |
| Volatility (ann.) | 28.8% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -26.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 13.86% | 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 | MITT | SPY |
|---|---|---|
| 2022 | -41.0% | -18.2% |
| 2023 | +35.8% | +26.2% |
| 2024 | +17.1% | +24.9% |
| 2025 | +42.8% | +17.7% |
| 2026 | -16.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MITT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MITT and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.32 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for MITT?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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/mitt-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mitt-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MITT correlations · SPY correlations
