MZTI vs SPY: Correlation
Measured on weekly returns over the past three years, The Marzetti Company (MZTI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MZTI and SPY?
On 3 years of weekly data the MZTI/SPY correlation comes out at 0.14, weak. Recent behaviour matches the longer record: 0.04 over 1 year against 0.14 over 3. The 5-year figure is 0.12, and annualized covariance runs at 60.3 %².
Among the 11 assets we track against MZTI, SPY ranks #6 by 3-year correlation. The last year tells two different stories: SPY led by 57.0 percentage points, -36.4% for MZTI against +20.6% for SPY. Note the risk asymmetry: MZTI runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MZTI vs SPY: side by side
| MZTI (The Marzetti Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.4% | +20.6% |
| 5-year return | -29.4% | +82.4% |
| Volatility (ann.) | 29.3% | 14.5% |
| Beta vs S&P 500 | 0.29 | 1.00 |
| Max drawdown (3Y) | -46.8% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 3.48% | 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 | MZTI | SPY |
|---|---|---|
| 2022 | +21.6% | -18.2% |
| 2023 | -14.0% | +26.2% |
| 2024 | +6.1% | +24.9% |
| 2025 | -2.9% | +17.7% |
| 2026 | -30.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MZTI and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MZTI and SPY?
As of 2026-08-27, the correlation of weekly returns between MZTI and SPY is 0.14 over 3 years, 0.04 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for MZTI?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
A reading of 0.14 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mzti-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mzti-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MZTI correlations · SPY correlations
