MLM vs SPRY: Correlation
How closely do Martin Marietta Materials (MLM) and ARS Pharmaceuticals, Inc. (SPRY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLM and SPRY?
On 3 years of weekly data the MLM/SPRY correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.42 over 3. The 5-year figure is 0.37, and annualized covariance runs at 683.7 %².
By 3-year correlation, SPRY places #25 of the 36 assets tracked against MLM. Correlation aside, the last 12 months split them widely, with MLM ahead by 41.3 points (-13.8% versus -55.1%). Note the risk asymmetry: SPRY runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MLM vs SPRY: side by side
| MLM (Martin Marietta Materials) | SPRY (ARS Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -13.8% | -55.1% |
| 5-year return | +42.4% | -73.8% |
| Volatility (ann.) | 23.9% | 68.4% |
| Beta vs S&P 500 | 0.85 | 1.73 |
| Max drawdown (3Y) | -26.8% | -72.0% |
| Market cap | $37.5B | $0.6B |
| P/E (trailing) | 34.4 | – |
| Dividend yield | 0.62% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | MLM | SPRY |
|---|---|---|
| 2022 | -22.7% | +28.1% |
| 2023 | +48.6% | -35.8% |
| 2024 | +4.1% | +92.5% |
| 2025 | +21.3% | +10.4% |
| 2026 | -14.9% | -48.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLM and SPRY good diversifiers for each other?
Reasonably. At 0.42, MLM and SPRY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MLM and SPRY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.45 over the last year and 0.37 over 5 years.
Is SPRY a good diversifier for MLM?
Reasonably. At 0.42, MLM and SPRY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mlm-vs-spry.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mlm-vs-spry/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MLM correlations · SPRY correlations
