MMS vs SPY: Correlation
Maximus, Inc. (MMS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMS and SPY?
On 3 years of weekly data the MMS/SPY correlation comes out at 0.24, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.24 over 3. The 5-year figure is 0.34, and annualized covariance runs at 103.4 %².
SPY is close to the least connected end of MMS's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 51.3 percentage points (-30.7% for MMS against +20.6% for SPY). One caveat on sizing: MMS is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MMS vs SPY: side by side
| MMS (Maximus, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.7% | +20.6% |
| 5-year return | -25.0% | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -45.1% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.14% | 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 | MMS | SPY |
|---|---|---|
| 2022 | -6.4% | -18.2% |
| 2023 | +16.0% | +26.2% |
| 2024 | -9.7% | +24.9% |
| 2025 | +17.5% | +17.7% |
| 2026 | -29.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMS and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MMS and SPY?
The MMS/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.19, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MMS?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MMS correlations · SPY correlations
