MSI vs SPY: Correlation
How closely do Motorola Solutions (MSI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSI and SPY?
Across a 3-year window, the weekly returns of MSI and SPY correlate at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.40 over 3 years. Stretching to 5 years gives 0.53, with an annualized covariance of 127.1 %².
By 3-year correlation, SPY places #17 of the 32 assets tracked against MSI. Over the last 12 months SPY came out ahead by 14.7 percentage points (+5.9% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.03 to 0.70. One caveat on sizing: MSI is 1.5 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.
MSI vs SPY: side by side
| MSI (Motorola Solutions) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.9% | +20.6% |
| 5-year return | +111.1% | +82.4% |
| Volatility (ann.) | 22.1% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -27.0% | -18.8% |
| Market cap | $80.5B | – |
| P/E (trailing) | 38.5 | – |
| Dividend yield | 0.97% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | MSI | SPY |
|---|---|---|
| 2022 | -3.8% | -18.2% |
| 2023 | +23.0% | +26.2% |
| 2024 | +49.1% | +24.9% |
| 2025 | -16.2% | +17.7% |
| 2026 | +27.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MSI represents 0.12% of SPY's portfolio, so part of any move in SPY is MSI itself, and the correlation between them is partly mechanical.
Are MSI and SPY good diversifiers for each other?
Reasonably. At 0.40, MSI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MSI and SPY?
As of 2026-08-27, the correlation of weekly returns between MSI and SPY is 0.40 over 3 years, 0.03 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for MSI?
Reasonably. At 0.40, MSI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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/msi-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/msi-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSI correlations · SPY correlations
