MTRN vs SPY: Correlation
How closely do Materion Corporation (MTRN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTRN and SPY?
Over the past 3 years, MTRN and SPY moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 314.5 %².
Within MTRN's tracked universe of 16 assets, SPY comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTRN outperformed by 103.0 percentage points (+123.6% for MTRN against +20.6% for SPY). Risk is not evenly split, since MTRN carries 3.2 times the volatility of the other side.
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.
MTRN vs SPY: side by side
| MTRN (Materion Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +123.6% | +20.6% |
| 5-year return | +248.3% | +82.4% |
| Volatility (ann.) | 45.7% | 14.5% |
| Beta vs S&P 500 | 1.51 | 1.00 |
| Max drawdown (3Y) | -47.8% | -18.8% |
| Market cap | $5.1B | – |
| P/E (trailing) | 54.9 | – |
| Dividend yield | 0.24% | 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 | MTRN | SPY |
|---|---|---|
| 2022 | -4.3% | -18.2% |
| 2023 | +49.4% | +26.2% |
| 2024 | -23.7% | +24.9% |
| 2025 | +26.4% | +17.7% |
| 2026 | +98.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTRN and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTRN and SPY?
The MTRN/SPY correlation stands at 0.48 on a 3-year window (1 year: 0.41, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MTRN?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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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Related comparisons
Hubs: MTRN correlations · SPY correlations
