MMSI vs SPY: Correlation
Measured on weekly returns over the past three years, Merit Medical Systems, Inc. (MMSI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMSI and SPY?
Over the past 3 years, MMSI and SPY moved with a correlation of 0.29, which is weak. The past 12 months show a weaker link (0.14) than the 3-year average (0.29). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 104.6 %².
Within MMSI's tracked universe of 14 assets, SPY comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 22.0 points (-1.4% versus +20.6%). Risk is not evenly split, since MMSI carries 1.7 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.
MMSI vs SPY: side by side
| MMSI (Merit Medical Systems, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.4% | +20.6% |
| 5-year return | +25.2% | +82.4% |
| Volatility (ann.) | 24.7% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -45.3% | -18.8% |
| Market cap | $5.3B | – |
| P/E (trailing) | 37.3 | – |
| 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 | MMSI | SPY |
|---|---|---|
| 2022 | +13.4% | -18.2% |
| 2023 | +7.6% | +26.2% |
| 2024 | +27.3% | +24.9% |
| 2025 | -8.9% | +17.7% |
| 2026 | +1.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMSI and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MMSI and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.14 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for MMSI?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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: MMSI correlations · SPY correlations
