MORN vs SPY: Correlation
Morningstar, Inc. (MORN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MORN and SPY?
Over the past 3 years, MORN and SPY moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.37). Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 161.4 %².
Within MORN's tracked universe of 21 assets, SPY comes in at #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 37.2 points (-16.6% versus +20.6%). Note the risk asymmetry: MORN runs 2.1 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.
MORN vs SPY: side by side
| MORN (Morningstar, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.6% | +20.6% |
| 5-year return | -15.1% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -60.0% | -18.8% |
| Market cap | $8.2B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.92% | 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 | MORN | SPY |
|---|---|---|
| 2022 | -36.3% | -18.2% |
| 2023 | +33.1% | +26.2% |
| 2024 | +18.3% | +24.9% |
| 2025 | -35.1% | +17.7% |
| 2026 | +1.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MORN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MORN and SPY?
As of 2026-08-27, the correlation of weekly returns between MORN and SPY is 0.37 over 3 years, 0.23 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for MORN?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: MORN correlations · SPY correlations
