MLPB vs SPY: Correlation
How closely do ETRACS Alerian MLP Infrastructure Index ETN Series B due (MLPB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLPB and SPY?
On 3 years of weekly data the MLPB/SPY correlation comes out at 0.28, weak. The past 12 months show a weaker link (-0.24) than the 3-year average (0.28). The 5-year figure is 0.39, and annualized covariance runs at 67.9 %².
Out of 22 assets tracked against MLPB, SPY lands near the bottom at #18. Over the last 12 months MLPB came out ahead by 8.8 percentage points (+29.4% against +20.6%).
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.
MLPB vs SPY: side by side
| MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B due) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.4% | +20.6% |
| 5-year return | +186.2% | +82.4% |
| Volatility (ann.) | 16.5% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -16.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | MLPB | SPY |
|---|---|---|
| 2022 | +30.2% | -18.2% |
| 2023 | +22.0% | +26.2% |
| 2024 | +25.5% | +24.9% |
| 2025 | +7.4% | +17.7% |
| 2026 | +29.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLPB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MLPB and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with -0.24 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for MLPB?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: MLPB correlations · SPY correlations
