MLCI vs SPY: Correlation
Mount Logan Capital Inc. (MLCI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLCI and SPY?
Across a 3-year window, the weekly returns of MLCI and SPY correlate at 0.12, weak. Recent behaviour matches the longer record: 0.13 over 1 year against 0.12 over 3. Stretching to 5 years gives 0.13, with an annualized covariance of 93.5 %².
SPY is close to the least connected end of MLCI's tracked universe, ranking #8 of 12. The last year tells two different stories: SPY led by 50.8 percentage points, -30.2% for MLCI against +20.6% for SPY. One caveat on sizing: MLCI is 3.8 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.
MLCI vs SPY: side by side
| MLCI (Mount Logan Capital Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.2% | +20.6% |
| 5-year return | -55.0% | +82.4% |
| Volatility (ann.) | 54.8% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -68.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.68% | 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 | MLCI | SPY |
|---|---|---|
| 2022 | -28.2% | -18.2% |
| 2023 | -22.3% | +26.2% |
| 2024 | -10.5% | +24.9% |
| 2025 | +125.7% | +17.7% |
| 2026 | -60.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLCI and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MLCI and SPY?
The MLCI/SPY correlation stands at 0.12 on a 3-year window (1 year: 0.13, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MLCI?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 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: MLCI correlations · SPY correlations
