MQ vs SPY: Correlation
How closely do Marqeta, Inc. (MQ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MQ and SPY?
On 3 years of weekly data the MQ/SPY correlation comes out at 0.16, weak. The past 12 months show a weaker link (0.03) than the 3-year average (0.16). The 5-year figure is 0.32, and annualized covariance runs at 102.0 %².
By 3-year correlation, SPY places #7 of the 18 assets tracked against MQ. The last year tells two different stories: SPY led by 56.0 percentage points, -35.4% for MQ against +20.6% for SPY. One caveat on sizing: MQ is 3.0 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.
MQ vs SPY: side by side
| MQ (Marqeta, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -35.4% | +20.6% |
| 5-year return | -85.0% | +82.4% |
| Volatility (ann.) | 43.5% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -53.3% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 180.1 | – |
| 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 | MQ | SPY |
|---|---|---|
| 2022 | -64.4% | -18.2% |
| 2023 | +14.2% | +26.2% |
| 2024 | -45.7% | +24.9% |
| 2025 | +25.3% | +17.7% |
| 2026 | -14.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MQ and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, MQ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MQ and SPY?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with 0.03 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for MQ?
Yes. With a correlation of 0.16, MQ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 mean?
A reading of 0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: MQ correlations · SPY correlations
