SPMC vs SPY: Correlation
How closely do Sound Point Meridian Capital, Inc. (SPMC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPMC and SPY?
Over the past 3 years, SPMC and SPY moved with a correlation of 0.44, which is moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.44 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 210.3 %².
Within SPMC's tracked universe of 17 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 55.2 percentage points (-34.6% for SPMC against +20.6% for SPY). Risk is not evenly split, since SPMC carries 2.2 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.
SPMC vs SPY: side by side
| SPMC (Sound Point Meridian Capital, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 31.4% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -52.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 30.91% | 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 | SPMC | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -22.5% | +17.7% |
| 2026 | -20.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPMC and SPY good diversifiers for each other?
Reasonably. At 0.44, SPMC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPMC and SPY?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.35 over the last year and n/a over 5 years.
Is SPY a good diversifier for SPMC?
Reasonably. At 0.44, SPMC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: SPMC correlations · SPY correlations
