MTUS vs SPY: Correlation
How closely do Metallus Inc. (MTUS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUS and SPY?
Across a 3-year window, the weekly returns of MTUS and SPY correlate at 0.43, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.43). Stretching to 5 years gives 0.48, with an annualized covariance of 249.9 %².
Out of 16 assets tracked against MTUS, SPY lands near the bottom at #12. Neither side won the trailing year by much: +20.2% against +20.6%. Note the risk asymmetry: MTUS runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MTUS vs SPY: side by side
| MTUS (Metallus Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.2% | +20.6% |
| 5-year return | +40.6% | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -52.7% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 99.5 | – |
| Dividend yield | 0.00% | 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 | MTUS | SPY |
|---|---|---|
| 2022 | +10.1% | -18.2% |
| 2023 | +29.1% | +26.2% |
| 2024 | -39.7% | +24.9% |
| 2025 | +21.4% | +17.7% |
| 2026 | +16.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MTUS and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.19 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for MTUS?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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: MTUS correlations · SPY correlations
