MSEX vs SPY: Correlation
Middlesex Water Company (MSEX) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSEX and SPY?
On 3 years of weekly data the MSEX/SPY correlation comes out at 0.02, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.05 lands near the 3-year figure. The 5-year figure is 0.17, and annualized covariance runs at 8.2 %².
Out of 14 assets tracked against MSEX, SPY lands near the bottom at #10. Over the last 12 months SPY came out ahead by 10.5 percentage points (+10.1% against +20.6%). Risk is not evenly split, since MSEX carries 2.2 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.
MSEX vs SPY: side by side
| MSEX (Middlesex Water Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.1% | +20.6% |
| 5-year return | -41.5% | +82.4% |
| Volatility (ann.) | 31.5% | 14.5% |
| Beta vs S&P 500 | 0.04 | 1.00 |
| Max drawdown (3Y) | -40.2% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 2.43% | 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 | MSEX | SPY |
|---|---|---|
| 2022 | -33.8% | -18.2% |
| 2023 | -15.2% | +26.2% |
| 2024 | -18.0% | +24.9% |
| 2025 | -1.7% | +17.7% |
| 2026 | +17.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSEX and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSEX and SPY?
As of 2026-08-27, the correlation of weekly returns between MSEX and SPY is 0.02 over 3 years, -0.05 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for MSEX?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
What does a correlation of 0.02 mean?
On the −1 to +1 scale, 0.02 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: MSEX correlations · SPY correlations
