MTA vs SPY: Correlation
Measured on weekly returns over the past three years, Metalla Royalty & Streaming Ltd. (MTA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTA and SPY?
Across a 3-year window, the weekly returns of MTA and SPY correlate at 0.33, moderate. The past 12 months show a tighter link (0.47) than the 3-year average (0.33). Stretching to 5 years gives 0.38, with an annualized covariance of 242.3 %².
SPY is close to the least connected end of MTA's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with MTA ahead by 99.1 points (+119.7% versus +20.6%). Risk is not evenly split, since MTA carries 3.6 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.
MTA vs SPY: side by side
| MTA (Metalla Royalty & Streaming Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +119.7% | +20.6% |
| 5-year return | +45.5% | +82.4% |
| Volatility (ann.) | 51.6% | 14.5% |
| Beta vs S&P 500 | 1.16 | 1.00 |
| Max drawdown (3Y) | -44.4% | -18.8% |
| Market cap | $1.0B | – |
| 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 | MTA | SPY |
|---|---|---|
| 2022 | -29.1% | -18.2% |
| 2023 | -37.0% | +26.2% |
| 2024 | -18.5% | +24.9% |
| 2025 | +210.0% | +17.7% |
| 2026 | +41.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MTA and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.47 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for MTA?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 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: MTA correlations · SPY correlations
