MTDR vs SPY: Correlation
Matador Resources Company (MTDR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTDR and SPY?
Over the past 3 years, MTDR and SPY moved with a correlation of 0.18, which is weak. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (0.18). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 102.9 %².
Out of 27 assets tracked against MTDR, SPY lands near the bottom at #23. Twelve-month performance is nearly a tie, at +17.4% for MTDR and +20.6% for SPY. One caveat on sizing: MTDR is 2.8 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.
MTDR vs SPY: side by side
| MTDR (Matador Resources Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.4% | +20.6% |
| 5-year return | +115.7% | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -46.8% | -18.8% |
| Market cap | $7.0B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 2.60% | 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 | MTDR | SPY |
|---|---|---|
| 2022 | +55.8% | -18.2% |
| 2023 | +0.6% | +26.2% |
| 2024 | +0.4% | +24.9% |
| 2025 | -22.3% | +17.7% |
| 2026 | +36.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTDR and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, MTDR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTDR and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with -0.36 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for MTDR?
Yes. With a correlation of 0.18, MTDR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 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: MTDR correlations · SPY correlations
