MNST vs SPY: Correlation
Monster Beverage (MNST) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNST and SPY?
Across a 3-year window, the weekly returns of MNST and SPY correlate at 0.17, weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. Stretching to 5 years gives 0.20, with an annualized covariance of 167.1 %².
Within MNST's tracked universe of 66 assets, SPY comes in at #22 by 3-year correlation. The last year tells two different stories: SPY led by 44.9 percentage points, -24.3% for MNST against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.15 to 0.42. Note the risk asymmetry: MNST runs 4.7 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.
MNST vs SPY: side by side
| MNST (Monster Beverage) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -24.3% | +20.6% |
| 5-year return | -4.5% | +82.4% |
| Volatility (ann.) | 68.6% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -54.5% | -18.8% |
| Market cap | $91.5B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | MNST | SPY |
|---|---|---|
| 2022 | +5.7% | -18.2% |
| 2023 | +13.5% | +26.2% |
| 2024 | -8.8% | +24.9% |
| 2025 | +45.9% | +17.7% |
| 2026 | -39.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MNST represents 0.1% of SPY's portfolio, so part of any move in SPY is MNST itself, and the correlation between them is partly mechanical.
Are MNST and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, MNST and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MNST and SPY?
The MNST/SPY correlation stands at 0.17 on a 3-year window (1 year: 0.22, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MNST?
Yes. With a correlation of 0.17, MNST and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 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: MNST correlations · SPY correlations
