MRNO vs SPY: Correlation
Murano Global Investments PLC (MRNO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRNO and SPY?
Across a 3-year window, the weekly returns of MRNO and SPY correlate at 0.14, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. Stretching to 5 years gives 0.10, with an annualized covariance of 345.1 %².
Among the 10 assets we track against MRNO, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 117.0 points (-96.4% versus +20.6%). Note the risk asymmetry: MRNO runs 11.8 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.
MRNO vs SPY: side by side
| MRNO (Murano Global Investments PLC) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -96.4% | +20.6% |
| 5-year return | -97.9% | +82.4% |
| Volatility (ann.) | 170.9% | 14.5% |
| Beta vs S&P 500 | 1.65 | 1.00 |
| Max drawdown (3Y) | -99.1% | -18.8% |
| Market cap | – | – |
| 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 | MRNO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +9.0% | +26.2% |
| 2024 | -8.4% | +24.9% |
| 2025 | -94.4% | +17.7% |
| 2026 | -63.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRNO and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, MRNO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MRNO and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.15 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for MRNO?
Yes. With a correlation of 0.14, MRNO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: MRNO correlations · SPY correlations
