MT vs SPY: Correlation
How closely do Arcelor Mittal NY Registry Shares NEW (MT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MT and SPY?
Over the past 3 years, MT and SPY moved with a correlation of 0.46, which is moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.46 over 3. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 247.8 %².
Among the 15 assets we track against MT, SPY ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MT ahead by 109.6 points (+130.2% versus +20.6%). One caveat on sizing: MT is 2.6 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.
MT vs SPY: side by side
| MT (Arcelor Mittal NY Registry Shares NEW) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +130.2% | +20.6% |
| 5-year return | +134.6% | +82.4% |
| Volatility (ann.) | 37.2% | 14.5% |
| Beta vs S&P 500 | 1.19 | 1.00 |
| Max drawdown (3Y) | -30.8% | -18.8% |
| Market cap | $56.3B | – |
| P/E (trailing) | 31.4 | – |
| Dividend yield | 0.81% | 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 | MT | SPY |
|---|---|---|
| 2022 | -16.4% | -18.2% |
| 2023 | +10.3% | +26.2% |
| 2024 | -16.9% | +24.9% |
| 2025 | +100.1% | +17.7% |
| 2026 | +64.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MT and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.46 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for MT?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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: MT correlations · SPY correlations
