MTN vs SPY: Correlation
Measured on weekly returns over the past three years, Vail Resorts, Inc. (MTN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTN and SPY?
Over the past 3 years, MTN and SPY moved with a correlation of 0.34, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.34 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 142.8 %².
Among the 11 assets we track against MTN, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 26.0 percentage points, -5.4% for MTN against +20.6% for SPY. One caveat on sizing: MTN is 2.0 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.
MTN vs SPY: side by side
| MTN (Vail Resorts, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.4% | +20.6% |
| 5-year return | -41.0% | +82.4% |
| Volatility (ann.) | 29.1% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -45.7% | -18.8% |
| Market cap | $5.2B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 5.97% | 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 | MTN | SPY |
|---|---|---|
| 2022 | -24.9% | -18.2% |
| 2023 | -7.1% | +26.2% |
| 2024 | -8.0% | +24.9% |
| 2025 | -24.9% | +17.7% |
| 2026 | +12.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTN and SPY good diversifiers for each other?
Reasonably. At 0.34, MTN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MTN and SPY?
The MTN/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.22, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MTN?
Reasonably. At 0.34, MTN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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: MTN correlations · SPY correlations
