MPB vs SPY: Correlation
Measured on weekly returns over the past three years, Mid Penn Bancorp (MPB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MPB and SPY?
On 3 years of weekly data the MPB/SPY correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.37). The 5-year figure is 0.33, and annualized covariance runs at 149.2 %².
Among the 12 assets we track against MPB, SPY sits near the bottom by co-movement, at rank #8. Neither side won the trailing year by much: +25.2% against +20.6%. One caveat on sizing: MPB is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MPB vs SPY: side by side
| MPB (Mid Penn Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.2% | +20.6% |
| 5-year return | +61.4% | +82.4% |
| Volatility (ann.) | 27.8% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -26.8% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.42% | 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 | MPB | SPY |
|---|---|---|
| 2022 | -2.9% | -18.2% |
| 2023 | -16.1% | +26.2% |
| 2024 | +22.8% | +24.9% |
| 2025 | +10.7% | +17.7% |
| 2026 | +20.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MPB and SPY good diversifiers for each other?
Reasonably. At 0.37, MPB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MPB and SPY?
The MPB/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.18, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MPB?
Reasonably. At 0.37, MPB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 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: MPB correlations · SPY correlations
