MNTK vs SPY: Correlation
How closely do Montauk Renewables, Inc. (MNTK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNTK and SPY?
On 3 years of weekly data the MNTK/SPY correlation comes out at 0.32, moderate. Recent behaviour matches the longer record: 0.29 over 1 year against 0.32 over 3. The 5-year figure is 0.22, and annualized covariance runs at 338.6 %².
Among the 11 assets we track against MNTK, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 38.4 points (-17.8% versus +20.6%). Note the risk asymmetry: MNTK runs 5.1 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.
MNTK vs SPY: side by side
| MNTK (Montauk Renewables, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.8% | +20.6% |
| 5-year return | -78.7% | +82.4% |
| Volatility (ann.) | 74.0% | 14.5% |
| Beta vs S&P 500 | 1.62 | 1.00 |
| Max drawdown (3Y) | -89.6% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 36.0 | – |
| 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 | MNTK | SPY |
|---|---|---|
| 2022 | +7.6% | -18.2% |
| 2023 | -19.2% | +26.2% |
| 2024 | -55.3% | +24.9% |
| 2025 | -58.0% | +17.7% |
| 2026 | +7.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNTK and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MNTK and SPY?
The MNTK/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.29, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MNTK?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mntk-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mntk-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MNTK correlations · SPY correlations
