MSTR vs SPY: Correlation
Measured on weekly returns over the past three years, Strategy Inc (MSTR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSTR and SPY?
Over the past 3 years, MSTR and SPY moved with a correlation of 0.25, which is weak. The link has tightened recently: the 1-year correlation (0.46) runs above the 3-year figure (0.25). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 312.3 %².
SPY is close to the least connected end of MSTR's tracked universe, ranking #8 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 80.4 points (-59.8% versus +20.6%). Note the risk asymmetry: MSTR runs 6.0 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.
MSTR vs SPY: side by side
| MSTR (Strategy Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -59.8% | +20.6% |
| 5-year return | +95.5% | +82.4% |
| Volatility (ann.) | 87.2% | 14.5% |
| Beta vs S&P 500 | 1.49 | 1.00 |
| Max drawdown (3Y) | -82.6% | -18.8% |
| Market cap | $54.6B | – |
| 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 | MSTR | SPY |
|---|---|---|
| 2022 | -74.0% | -18.2% |
| 2023 | +346.2% | +26.2% |
| 2024 | +358.5% | +24.9% |
| 2025 | -47.5% | +17.7% |
| 2026 | -9.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSTR and SPY good diversifiers for each other?
Reasonably. At 0.25, MSTR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MSTR and SPY?
As of 2026-08-27, the correlation of weekly returns between MSTR and SPY is 0.25 over 3 years, 0.46 over 1 year and 0.39 over 5 years.
Is SPY a good diversifier for MSTR?
Reasonably. At 0.25, MSTR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mstr-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mstr-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSTR correlations · SPY correlations
