MPT vs SPY: Correlation
How closely do Medical Properties Trust, Inc. (MPT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MPT and SPY?
On 3 years of weekly data the MPT/SPY correlation comes out at 0.28, weak. The link has tightened recently: the 1-year correlation (0.39) runs above the 3-year figure (0.28). The 5-year figure is 0.38, and annualized covariance runs at 220.1 %².
Among the 11 assets we track against MPT, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 22.7 points (-2.1% versus +20.6%). Risk is not evenly split, since MPT carries 3.7 times the volatility of the other side.
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.
MPT vs SPY: side by side
| MPT (Medical Properties Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.1% | +20.6% |
| 5-year return | -69.8% | +82.4% |
| Volatility (ann.) | 53.6% | 14.5% |
| Beta vs S&P 500 | 1.05 | 1.00 |
| Max drawdown (3Y) | -55.9% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.58% | 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 | MPT | SPY |
|---|---|---|
| 2022 | -49.0% | -18.2% |
| 2023 | -50.3% | +26.2% |
| 2024 | -11.5% | +24.9% |
| 2025 | +35.2% | +17.7% |
| 2026 | -16.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MPT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MPT and SPY?
As of 2026-08-27, the correlation of weekly returns between MPT and SPY is 0.28 over 3 years, 0.39 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for MPT?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 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: MPT correlations · SPY correlations
