MTD vs SPY: Correlation
Measured on weekly returns over the past three years, Mettler Toledo (MTD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and SPY?
Over the past 3 years, MTD and SPY moved with a correlation of 0.46, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.46 over 3 years. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 208.1 %².
Among the 38 assets we track against MTD, SPY ranks #22 by 3-year correlation. On 12-month performance SPY holds a 11.1-point edge, +9.5% against +20.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.19 to 0.78. One caveat on sizing: MTD is 2.2 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.
MTD vs SPY: side by side
| MTD (Mettler Toledo) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.5% | +20.6% |
| 5-year return | -11.4% | +82.4% |
| Volatility (ann.) | 31.4% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -36.6% | -18.8% |
| Market cap | $28.2B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | MTD | SPY |
|---|---|---|
| 2022 | -14.8% | -18.2% |
| 2023 | -16.1% | +26.2% |
| 2024 | +0.9% | +24.9% |
| 2025 | +13.9% | +17.7% |
| 2026 | +0.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and SPY good diversifiers for each other?
Reasonably. At 0.46, MTD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MTD and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.19 over the last year and 0.61 over 5 years.
Is SPY a good diversifier for MTD?
Reasonably. At 0.46, MTD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtd-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtd-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTD correlations · SPY correlations
