MTW vs SPY: Correlation
Manitowoc Company, Inc. (The) (MTW) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and SPY?
Across a 3-year window, the weekly returns of MTW and SPY correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.45, with an annualized covariance of 341.1 %².
By 3-year correlation, SPY places #10 of the 18 assets tracked against MTW. The last year tells two different stories: MTW led by 67.4 percentage points, +88.0% for MTW against +20.6% for SPY. Risk is not evenly split, since MTW carries 3.7 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.
MTW vs SPY: side by side
| MTW (Manitowoc Company, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +88.0% | +20.6% |
| 5-year return | -22.9% | +82.4% |
| Volatility (ann.) | 53.7% | 14.5% |
| Beta vs S&P 500 | 1.63 | 1.00 |
| Max drawdown (3Y) | -58.5% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 34.6 | – |
| 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 | MTW | SPY |
|---|---|---|
| 2022 | -50.7% | -18.2% |
| 2023 | +82.2% | +26.2% |
| 2024 | -45.3% | +24.9% |
| 2025 | +31.3% | +17.7% |
| 2026 | +58.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MTW and SPY?
As of 2026-08-27, the correlation of weekly returns between MTW and SPY is 0.44 over 3 years, 0.28 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for MTW?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtw-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtw-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTW correlations · SPY correlations
