MTG vs SPY: Correlation
MGIC Investment Corporation (MTG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTG and SPY?
On 3 years of weekly data the MTG/SPY correlation comes out at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.38 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 119.7 %².
Within MTG's tracked universe of 16 assets, SPY comes in at #9 by 3-year correlation. Over the last 12 months SPY came out ahead by 7.1 percentage points (+13.5% against +20.6%).
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.
MTG vs SPY: side by side
| MTG (MGIC Investment Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.5% | +20.6% |
| 5-year return | +129.5% | +82.4% |
| Volatility (ann.) | 21.6% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -15.8% | -18.8% |
| Market cap | $6.4B | – |
| P/E (trailing) | 9.8 | – |
| Dividend yield | 1.92% | 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 | MTG | SPY |
|---|---|---|
| 2022 | -7.5% | -18.2% |
| 2023 | +52.4% | +26.2% |
| 2024 | +25.7% | +24.9% |
| 2025 | +25.9% | +17.7% |
| 2026 | +8.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTG and SPY good diversifiers for each other?
Reasonably. At 0.38, MTG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MTG and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.09 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for MTG?
Reasonably. At 0.38, MTG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MTG correlations · SPY correlations
