MVST vs SPY: Correlation
How closely do Microvast Holdings, Inc. (MVST) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.02, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MVST and SPY?
Across a 3-year window, the weekly returns of MVST and SPY correlate at 0.02, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.58) runs above the 3-year figure (0.02). Stretching to 5 years gives 0.11, with an annualized covariance of 54.0 %².
Among the 41 assets we track against MVST, SPY ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 91.8 percentage points (-71.2% for MVST against +20.6% for SPY). One caveat on sizing: MVST is 14.4 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.
MVST vs SPY: side by side
| MVST (Microvast Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -71.2% | +20.6% |
| 5-year return | -91.6% | +82.4% |
| Volatility (ann.) | 209.2% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -92.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| 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 | MVST | SPY |
|---|---|---|
| 2022 | -73.0% | -18.2% |
| 2023 | -8.5% | +26.2% |
| 2024 | +47.9% | +24.9% |
| 2025 | +35.3% | +17.7% |
| 2026 | -72.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MVST and SPY good diversifiers for each other?
Yes. With a correlation of 0.02, MVST and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MVST and SPY?
Using weekly returns as of 2026-08-27: 0.02 over 3 years, with 0.58 over the last year and 0.11 over 5 years.
Is SPY a good diversifier for MVST?
Yes. With a correlation of 0.02, MVST and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.02 mean?
On the −1 to +1 scale, 0.02 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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Hubs: MVST correlations · SPY correlations
