MSA vs SPY: Correlation
How closely do MSA Safety Incorporated (MSA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSA and SPY?
Across a 3-year window, the weekly returns of MSA and SPY correlate at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.52). Stretching to 5 years gives 0.57, with an annualized covariance of 177.4 %².
Among the 12 assets we track against MSA, SPY ranks #6 by 3-year correlation. The trailing year gives SPY the advantage: +11.4% versus +20.6%, a 9.2-point spread. One caveat on sizing: MSA is 1.6 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.
MSA vs SPY: side by side
| MSA (MSA Safety Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.4% | +20.6% |
| 5-year return | +27.9% | +82.4% |
| Volatility (ann.) | 23.4% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -34.3% | -18.8% |
| Market cap | $7.4B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 1.12% | 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 | MSA | SPY |
|---|---|---|
| 2022 | -3.1% | -18.2% |
| 2023 | +18.5% | +26.2% |
| 2024 | -0.7% | +24.9% |
| 2025 | -2.1% | +17.7% |
| 2026 | +20.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSA and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means MSA and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MSA and SPY?
As of 2026-08-27, the correlation of weekly returns between MSA and SPY is 0.52 over 3 years, 0.25 over 1 year and 0.57 over 5 years.
Is SPY a good diversifier for MSA?
Only partially. A correlation of 0.52 means MSA and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/msa-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/msa-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSA correlations · SPY correlations
