MUFG vs SPY: Correlation
How closely do Mitsubishi UFJ Financial Group, Inc. (MUFG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUFG and SPY?
Across a 3-year window, the weekly returns of MUFG and SPY correlate at 0.46, moderate. The past 12 months show a weaker link (0.36) than the 3-year average (0.46). Stretching to 5 years gives 0.45, with an annualized covariance of 205.2 %².
Among the 10 assets we track against MUFG, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: MUFG led by 26.3 percentage points, +46.9% for MUFG against +20.6% for SPY. One caveat on sizing: MUFG is 2.1 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.
MUFG vs SPY: side by side
| MUFG (Mitsubishi UFJ Financial Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.9% | +20.6% |
| 5-year return | +338.5% | +82.4% |
| Volatility (ann.) | 30.7% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -26.6% | -18.8% |
| Market cap | $252.6B | – |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 383.24% | 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 | MUFG | SPY |
|---|---|---|
| 2022 | +22.2% | -18.2% |
| 2023 | +29.1% | +26.2% |
| 2024 | +40.1% | +24.9% |
| 2025 | +38.0% | +17.7% |
| 2026 | +41.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUFG and SPY good diversifiers for each other?
Reasonably. At 0.46, MUFG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MUFG and SPY?
As of 2026-08-27, the correlation of weekly returns between MUFG and SPY is 0.46 over 3 years, 0.36 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for MUFG?
Reasonably. At 0.46, MUFG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: MUFG correlations · SPY correlations
