MTR vs SPY: Correlation
Measured on weekly returns over the past three years, Mesa Royalty Trust (MTR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.00, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTR and SPY?
Over the past 3 years, MTR and SPY moved with a correlation of 0.00, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.04 over 1 year against 0.00 over 3. Over 5 years the correlation is -0.02, and the annualized covariance of weekly returns is 2.3 %².
Out of 10 assets tracked against MTR, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 78.2 percentage points (-57.6% for MTR against +20.6% for SPY). One caveat on sizing: MTR is 3.3 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.
MTR vs SPY: side by side
| MTR (Mesa Royalty Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -57.6% | +20.6% |
| 5-year return | -45.0% | +82.4% |
| Volatility (ann.) | 47.8% | 14.5% |
| Beta vs S&P 500 | 0.01 | 1.00 |
| Max drawdown (3Y) | -87.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 6.83% | 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 | MTR | SPY |
|---|---|---|
| 2022 | +310.9% | -18.2% |
| 2023 | -35.4% | +26.2% |
| 2024 | -54.1% | +24.9% |
| 2025 | -23.6% | +17.7% |
| 2026 | -45.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTR and SPY good diversifiers for each other?
Yes. With a correlation of 0.00, MTR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTR and SPY?
Using weekly returns as of 2026-08-27: 0.00 over 3 years, with 0.04 over the last year and -0.02 over 5 years.
Is SPY a good diversifier for MTR?
Yes. With a correlation of 0.00, MTR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.00 mean?
A reading of 0.00 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: MTR correlations · SPY correlations
