MOV vs SPY: Correlation
How closely do Movado Group Inc. (MOV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MOV and SPY?
Across a 3-year window, the weekly returns of MOV and SPY correlate at 0.43, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.43 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 240.2 %².
Among the 18 assets we track against MOV, SPY ranks #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MOV outperformed by 88.6 percentage points (+109.2% for MOV against +20.6% for SPY). Note the risk asymmetry: MOV runs 2.7 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.
MOV vs SPY: side by side
| MOV (Movado Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +109.2% | +20.6% |
| 5-year return | +29.6% | +82.4% |
| Volatility (ann.) | 39.1% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -55.1% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 2.00% | 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 | MOV | SPY |
|---|---|---|
| 2022 | -19.7% | -18.2% |
| 2023 | +2.0% | +26.2% |
| 2024 | -30.6% | +24.9% |
| 2025 | +13.9% | +17.7% |
| 2026 | +71.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MOV and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MOV and SPY?
The MOV/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.38, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MOV?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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: MOV correlations · SPY correlations
