MUSA vs SPY: Correlation
How closely do Murphy USA Inc. (MUSA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUSA and SPY?
On 3 years of weekly data the MUSA/SPY correlation comes out at 0.03, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.29) than the 3-year average (0.03). The 5-year figure is 0.16, and annualized covariance runs at 12.5 %².
Among the 15 assets we track against MUSA, SPY ranks #7 by 3-year correlation. Over the last 12 months MUSA came out ahead by 14.7 percentage points (+35.3% against +20.6%). One caveat on sizing: MUSA is 2.3 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.
MUSA vs SPY: side by side
| MUSA (Murphy USA Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.3% | +20.6% |
| 5-year return | +234.8% | +82.4% |
| Volatility (ann.) | 33.7% | 14.5% |
| Beta vs S&P 500 | 0.06 | 1.00 |
| Max drawdown (3Y) | -35.5% | -18.8% |
| Market cap | $9.4B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 0.46% | 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 | MUSA | SPY |
|---|---|---|
| 2022 | +41.0% | -18.2% |
| 2023 | +28.2% | +26.2% |
| 2024 | +41.3% | +24.9% |
| 2025 | -19.1% | +17.7% |
| 2026 | +26.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUSA and SPY good diversifiers for each other?
Yes. With a correlation of 0.03, MUSA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MUSA and SPY?
As of 2026-08-27, the correlation of weekly returns between MUSA and SPY is 0.03 over 3 years, -0.29 over 1 year and 0.16 over 5 years.
Is SPY a good diversifier for MUSA?
Yes. With a correlation of 0.03, MUSA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.03 mean?
On the −1 to +1 scale, 0.03 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: MUSA correlations · SPY correlations
