MRX vs SPY: Correlation
Marex Group Limited (MRX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRX and SPY?
Over the past 3 years, MRX and SPY moved with a correlation of 0.16, which is weak. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.16). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 92.1 %².
Among the 16 assets we track against MRX, SPY ranks #7 by 3-year correlation. The last year tells two different stories: MRX led by 79.0 percentage points, +99.6% for MRX against +20.6% for SPY. One caveat on sizing: MRX is 2.7 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.
MRX vs SPY: side by side
| MRX (Marex Group Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +99.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 39.3% | 14.5% |
| Beta vs S&P 500 | 0.44 | 1.00 |
| Max drawdown (3Y) | -41.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.6 | – |
| Dividend yield | 1.04% | 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 | MRX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +25.1% | +17.7% |
| 2026 | +87.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRX and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between MRX and SPY?
The MRX/SPY correlation stands at 0.16 on a 3-year window (1 year: 0.05, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MRX?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 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: MRX correlations · SPY correlations
