MLI vs SPY: Correlation
Measured on weekly returns over the past three years, Mueller Industries, Inc. (MLI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLI and SPY?
Across a 3-year window, the weekly returns of MLI and SPY correlate at 0.43, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.43 over 3 years. Stretching to 5 years gives 0.46, with an annualized covariance of 194.7 %².
Among the 10 assets we track against MLI, SPY sits near the bottom by co-movement, at rank #6. Over the last 12 months MLI came out ahead by 13.8 percentage points (+34.4% against +20.6%). Risk is not evenly split, since MLI carries 2.2 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.
MLI vs SPY: side by side
| MLI (Mueller Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.4% | +20.6% |
| 5-year return | +509.6% | +82.4% |
| Volatility (ann.) | 31.5% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -27.8% | -18.8% |
| Market cap | $14.2B | – |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 0.94% | 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 | MLI | SPY |
|---|---|---|
| 2022 | +1.0% | -18.2% |
| 2023 | +62.4% | +26.2% |
| 2024 | +70.5% | +24.9% |
| 2025 | +46.3% | +17.7% |
| 2026 | +12.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLI and SPY good diversifiers for each other?
Reasonably. At 0.43, MLI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MLI and SPY?
The MLI/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.26, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MLI?
Reasonably. At 0.43, MLI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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: MLI correlations · SPY correlations
