MTH vs SPY: Correlation
Measured on weekly returns over the past three years, Meritage Homes Corporation (MTH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTH and SPY?
Across a 3-year window, the weekly returns of MTH and SPY correlate at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.33). Stretching to 5 years gives 0.45, with an annualized covariance of 188.3 %².
Among the 35 assets we track against MTH, SPY ranks #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.6 percentage points (-7.0% for MTH against +20.6% for SPY). One caveat on sizing: MTH is 2.7 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.
MTH vs SPY: side by side
| MTH (Meritage Homes Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.0% | +20.6% |
| 5-year return | +34.0% | +82.4% |
| Volatility (ann.) | 39.0% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -43.0% | -18.8% |
| Market cap | $4.6B | – |
| P/E (trailing) | 15.0 | – |
| Dividend yield | 2.52% | 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 | MTH | SPY |
|---|---|---|
| 2022 | -24.5% | -18.2% |
| 2023 | +90.5% | +26.2% |
| 2024 | -10.2% | +24.9% |
| 2025 | -12.3% | +17.7% |
| 2026 | +8.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTH and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTH and SPY?
As of 2026-08-27, the correlation of weekly returns between MTH and SPY is 0.33 over 3 years, 0.21 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for MTH?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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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Hubs: MTH correlations · SPY correlations
