MTEX vs SPY: Correlation
Mannatech, Incorporated (MTEX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTEX and SPY?
Over the past 3 years, MTEX and SPY moved with a correlation of 0.11, which is weak. Recent behaviour matches the longer record: 0.02 over 1 year against 0.11 over 3. Over 5 years the correlation is 0.10, and the annualized covariance of weekly returns is 100.2 %².
Within MTEX's tracked universe of 34 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 49.1 percentage points (-28.5% for MTEX against +20.6% for SPY). Note the risk asymmetry: MTEX runs 4.5 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.
MTEX vs SPY: side by side
| MTEX (Mannatech, Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -28.5% | +20.6% |
| 5-year return | -79.1% | +82.4% |
| Volatility (ann.) | 65.8% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -74.9% | -18.8% |
| Market cap | – | – |
| 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 | MTEX | SPY |
|---|---|---|
| 2022 | -51.7% | -18.2% |
| 2023 | -53.5% | +26.2% |
| 2024 | +65.8% | +24.9% |
| 2025 | -38.6% | +17.7% |
| 2026 | -23.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTEX and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, MTEX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTEX and SPY?
As of 2026-08-27, the correlation of weekly returns between MTEX and SPY is 0.11 over 3 years, 0.02 over 1 year and 0.10 over 5 years.
Is SPY a good diversifier for MTEX?
Yes. With a correlation of 0.11, MTEX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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.
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Related comparisons
Hubs: MTEX correlations · SPY correlations
