MMYT vs SPY: Correlation
Measured on weekly returns over the past three years, MakeMyTrip Limited (MMYT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMYT and SPY?
Over the past 3 years, MMYT and SPY moved with a correlation of 0.51, which is moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.51 over 3. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 367.5 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against MMYT. The last year tells two different stories: SPY led by 64.2 percentage points, -43.6% for MMYT against +20.6% for SPY. One caveat on sizing: MMYT is 3.4 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.
MMYT vs SPY: side by side
| MMYT (MakeMyTrip Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -43.6% | +20.6% |
| 5-year return | +128.7% | +82.4% |
| Volatility (ann.) | 49.5% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -69.9% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 253.0 | – |
| 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 | MMYT | SPY |
|---|---|---|
| 2022 | -0.5% | -18.2% |
| 2023 | +70.4% | +26.2% |
| 2024 | +139.0% | +24.9% |
| 2025 | -26.9% | +17.7% |
| 2026 | -29.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMYT and SPY good diversifiers for each other?
Only partially. A correlation of 0.51 means MMYT and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MMYT and SPY?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.44 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for MMYT?
Only partially. A correlation of 0.51 means MMYT and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 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: MMYT correlations · SPY correlations
