MTD vs SPYV: Correlation
Measured on weekly returns over the past three years, Mettler Toledo (MTD) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and SPYV?
On 3 years of weekly data the MTD/SPYV correlation comes out at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.55). The 5-year figure is 0.63, and annualized covariance runs at 208.9 %².
Within MTD's tracked universe of 38 assets, SPYV comes in at #15 by 3-year correlation. The trailing year gives SPYV the advantage: +9.5% versus +18.5%, a 9.0-point spread. The rolling one-year correlation moved between 0.40 and 0.77 over the past three years, a moderate range. Note the risk asymmetry: MTD runs 2.6 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.
MTD vs SPYV: side by side
| MTD (Mettler Toledo) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +9.5% | +18.5% |
| 5-year return | -11.4% | +73.5% |
| Volatility (ann.) | 31.4% | 12.1% |
| Beta vs S&P 500 | 1.00 | 0.70 |
| Max drawdown (3Y) | -36.6% | -17.5% |
| Market cap | $28.2B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 0.00% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Health Care | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | MTD | SPYV |
|---|---|---|
| 2022 | -14.8% | -5.3% |
| 2023 | -16.1% | +22.2% |
| 2024 | +0.9% | +12.2% |
| 2025 | +13.9% | +13.2% |
| 2026 | +0.9% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and SPYV good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MTD and SPYV?
As of 2026-08-27, the correlation of weekly returns between MTD and SPYV is 0.55 over 3 years, 0.41 over 1 year and 0.63 over 5 years.
Is SPYV a good diversifier for MTD?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 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/mtd-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtd-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTD correlations · SPYV correlations
