MUR vs SPY: Correlation
Measured on weekly returns over the past three years, Murphy Oil Corporation (MUR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUR and SPY?
On 3 years of weekly data the MUR/SPY correlation comes out at 0.06, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.41) than the 3-year average (0.06). The 5-year figure is 0.25, and annualized covariance runs at 32.7 %².
Among the 16 assets we track against MUR, SPY ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MUR ahead by 31.1 points (+51.7% versus +20.6%). Risk is not evenly split, since MUR carries 2.7 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.
MUR vs SPY: side by side
| MUR (Murphy Oil Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.7% | +20.6% |
| 5-year return | +96.7% | +82.4% |
| Volatility (ann.) | 39.7% | 14.5% |
| Beta vs S&P 500 | 0.16 | 1.00 |
| Max drawdown (3Y) | -58.5% | -18.8% |
| Market cap | $5.2B | – |
| P/E (trailing) | 17.2 | – |
| Dividend yield | 3.89% | 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 | MUR | SPY |
|---|---|---|
| 2022 | +68.5% | -18.2% |
| 2023 | +2.0% | +26.2% |
| 2024 | -26.8% | +24.9% |
| 2025 | +8.7% | +17.7% |
| 2026 | +18.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUR and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, MUR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MUR and SPY?
As of 2026-08-27, the correlation of weekly returns between MUR and SPY is 0.06 over 3 years, -0.41 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for MUR?
Yes. With a correlation of 0.06, MUR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 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: MUR correlations · SPY correlations
