MMI vs SPY: Correlation
How closely do Marcus & Millichap, Inc. (MMI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMI and SPY?
On 3 years of weekly data the MMI/SPY correlation comes out at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.39 over 3 years. The 5-year figure is 0.51, and annualized covariance runs at 176.2 %².
By 3-year correlation, SPY places #13 of the 18 assets tracked against MMI. Correlation aside, the last 12 months split them widely, with SPY ahead by 21.9 points (-1.3% versus +20.6%). Note the risk asymmetry: MMI runs 2.2 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.
MMI vs SPY: side by side
| MMI (Marcus & Millichap, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.3% | +20.6% |
| 5-year return | -11.7% | +82.4% |
| Volatility (ann.) | 31.5% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -41.7% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 85.9 | – |
| Dividend yield | 1.55% | 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 | MMI | SPY |
|---|---|---|
| 2022 | -30.8% | -18.2% |
| 2023 | +28.8% | +26.2% |
| 2024 | -11.2% | +24.9% |
| 2025 | -27.6% | +17.7% |
| 2026 | +17.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMI and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MMI and SPY?
The MMI/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.13, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MMI?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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: MMI correlations · SPY correlations
