MKL vs SPY: Correlation
How closely do Markel Group Inc. (MKL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MKL and SPY?
Across a 3-year window, the weekly returns of MKL and SPY correlate at 0.30, moderate. Recent behaviour matches the longer record: 0.21 over 1 year against 0.30 over 3. Stretching to 5 years gives 0.43, with an annualized covariance of 91.6 %².
Out of 12 assets tracked against MKL, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.4 percentage points (-7.8% for MKL against +20.6% for SPY).
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.
MKL vs SPY: side by side
| MKL (Markel Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.8% | +20.6% |
| 5-year return | +43.0% | +82.4% |
| Volatility (ann.) | 21.0% | 14.5% |
| Beta vs S&P 500 | 0.44 | 1.00 |
| Max drawdown (3Y) | -20.1% | -18.8% |
| Market cap | $22.4B | – |
| P/E (trailing) | 10.0 | – |
| 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 | MKL | SPY |
|---|---|---|
| 2022 | +6.8% | -18.2% |
| 2023 | +7.8% | +26.2% |
| 2024 | +21.6% | +24.9% |
| 2025 | +24.5% | +17.7% |
| 2026 | -16.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MKL and SPY good diversifiers for each other?
Reasonably. At 0.30, MKL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MKL and SPY?
As of 2026-08-27, the correlation of weekly returns between MKL and SPY is 0.30 over 3 years, 0.21 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for MKL?
Reasonably. At 0.30, MKL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 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: MKL correlations · SPY correlations
