MLR vs SPY: Correlation
How closely do Miller Industries, Inc. (MLR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLR and SPY?
On 3 years of weekly data the MLR/SPY correlation comes out at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.05 versus 0.40 over 3 years. The 5-year figure is 0.42, and annualized covariance runs at 183.1 %².
Among the 14 assets we track against MLR, SPY sits near the bottom by co-movement, at rank #10. On 12-month performance MLR holds a 12.8-point edge, +33.4% against +20.6%. Risk is not evenly split, since MLR 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.
MLR vs SPY: side by side
| MLR (Miller Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.4% | +20.6% |
| 5-year return | +70.2% | +82.4% |
| Volatility (ann.) | 31.9% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -52.7% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 46.3 | – |
| Dividend yield | 1.43% | 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 | MLR | SPY |
|---|---|---|
| 2022 | -17.9% | -18.2% |
| 2023 | +61.8% | +26.2% |
| 2024 | +56.6% | +24.9% |
| 2025 | -41.7% | +17.7% |
| 2026 | +56.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLR and SPY good diversifiers for each other?
Reasonably. At 0.40, MLR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MLR and SPY?
As of 2026-08-27, the correlation of weekly returns between MLR and SPY is 0.40 over 3 years, 0.05 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for MLR?
Reasonably. At 0.40, MLR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MLR correlations · SPY correlations
