MKSI vs SPY: Correlation
How closely do MKS Inc. (MKSI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MKSI and SPY?
On 3 years of weekly data the MKSI/SPY correlation comes out at 0.68, strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.68 over 3 years. The 5-year figure is 0.67, and annualized covariance runs at 499.3 %².
By 3-year correlation, SPY places #15 of the 41 assets tracked against MKSI. The last year tells two different stories: MKSI led by 136.9 percentage points, +157.5% for MKSI against +20.6% for SPY. One caveat on sizing: MKSI is 3.5 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.
MKSI vs SPY: side by side
| MKSI (MKS Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +157.5% | +20.6% |
| 5-year return | +88.2% | +82.4% |
| Volatility (ann.) | 50.8% | 14.5% |
| Beta vs S&P 500 | 2.39 | 1.00 |
| Max drawdown (3Y) | -59.1% | -18.8% |
| Market cap | $18.3B | – |
| P/E (trailing) | 43.3 | – |
| Dividend yield | 0.35% | 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 | MKSI | SPY |
|---|---|---|
| 2022 | -51.0% | -18.2% |
| 2023 | +22.6% | +26.2% |
| 2024 | +2.2% | +24.9% |
| 2025 | +54.4% | +17.7% |
| 2026 | +70.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MKSI and SPY good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MKSI and SPY?
As of 2026-08-27, the correlation of weekly returns between MKSI and SPY is 0.68 over 3 years, 0.46 over 1 year and 0.67 over 5 years.
Is SPY a good diversifier for MKSI?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
A reading of 0.68 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: MKSI correlations · SPY correlations
