MP vs SPY: Correlation
MP Materials Corp. (MP) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MP and SPY?
Over the past 3 years, MP and SPY moved with a correlation of 0.19, which is weak. The past 12 months show a tighter link (0.43) than the 3-year average (0.19). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 188.2 %².
Out of 13 assets tracked against MP, SPY lands near the bottom at #10. The last year tells two different stories: SPY led by 37.9 percentage points, -17.3% for MP against +20.6% for SPY. Note the risk asymmetry: MP runs 4.8 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.
MP vs SPY: side by side
| MP (MP Materials Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.3% | +20.6% |
| 5-year return | +76.6% | +82.4% |
| Volatility (ann.) | 69.3% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -61.4% | -18.8% |
| Market cap | $10.5B | – |
| P/E (trailing) | – | – |
| 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 | MP | SPY |
|---|---|---|
| 2022 | -46.5% | -18.2% |
| 2023 | -18.2% | +26.2% |
| 2024 | -21.4% | +24.9% |
| 2025 | +223.8% | +17.7% |
| 2026 | +16.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MP and SPY good diversifiers for each other?
Yes. With a correlation of 0.19, MP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MP and SPY?
The MP/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.43, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MP?
Yes. With a correlation of 0.19, MP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
A reading of 0.19 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: MP correlations · SPY correlations
