MMM vs SPY: Correlation
Measured on weekly returns over the past three years, 3M (MMM) 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 MMM and SPY?
Over the past 3 years, MMM and SPY moved with a correlation of 0.43, which is moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.43). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 186.8 %².
Within MMM's tracked universe of 34 assets, SPY comes in at #23 by 3-year correlation. Their 12-month results are close: +16.4% for MMM against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.08 and 0.76 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: MMM runs 2.1 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.
MMM vs SPY: side by side
| MMM (3M) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.4% | +20.6% |
| 5-year return | +29.9% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -20.7% | -18.8% |
| Market cap | $92.2B | – |
| P/E (trailing) | 31.9 | – |
| Dividend yield | 1.68% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | MMM | SPY |
|---|---|---|
| 2022 | -29.6% | -18.2% |
| 2023 | -3.3% | +26.2% |
| 2024 | +46.1% | +24.9% |
| 2025 | +26.4% | +17.7% |
| 2026 | +13.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds MMM at a 0.14% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MMM and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MMM and SPY?
As of 2026-08-27, the correlation of weekly returns between MMM and SPY is 0.43 over 3 years, 0.31 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for MMM?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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: MMM correlations · SPY correlations
