MLAB vs SPY: Correlation
Measured on weekly returns over the past three years, Mesa Laboratories, Inc. (MLAB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLAB and SPY?
Over the past 3 years, MLAB and SPY moved with a correlation of 0.31, which is moderate. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 233.4 %².
Within MLAB's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MLAB ahead by 67.8 points (+88.4% versus +20.6%). Risk is not evenly split, since MLAB carries 3.6 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.
MLAB vs SPY: side by side
| MLAB (Mesa Laboratories, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +88.4% | +20.6% |
| 5-year return | -51.1% | +82.4% |
| Volatility (ann.) | 52.3% | 14.5% |
| Beta vs S&P 500 | 1.12 | 1.00 |
| Max drawdown (3Y) | -62.8% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 151.4 | – |
| Dividend yield | 0.50% | 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 | MLAB | SPY |
|---|---|---|
| 2022 | -49.2% | -18.2% |
| 2023 | -36.6% | +26.2% |
| 2024 | +26.6% | +24.9% |
| 2025 | -40.0% | +17.7% |
| 2026 | +64.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLAB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MLAB and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.25 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for MLAB?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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: MLAB correlations · SPY correlations
