SPY vs TUSK: Correlation
SPDR S&P 500 ETF Trust (SPY) and Mammoth Energy Services, Inc. (TUSK) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TUSK?
Across a 3-year window, the weekly returns of SPY and TUSK correlate at 0.11, weak. Recent behaviour matches the longer record: 0.07 over 1 year against 0.11 over 3. Stretching to 5 years gives 0.19, with an annualized covariance of 101.9 %².
Among the 4755 assets we track against SPY, TUSK ranks #4050 by 3-year correlation. The trailing year gives TUSK the advantage: +20.6% versus +35.2%, a 14.6-point spread. One caveat on sizing: TUSK is 4.3 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.
SPY vs TUSK: side by side
| SPY (SPDR S&P 500 ETF Trust) | TUSK (Mammoth Energy Services, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +35.2% |
| 5-year return | +82.4% | -7.4% |
| Volatility (ann.) | 14.5% | 61.8% |
| Beta vs S&P 500 | 1.00 | 0.49 |
| Max drawdown (3Y) | -18.8% | -66.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TUSK |
|---|---|---|
| 2022 | -18.2% | +375.3% |
| 2023 | +26.2% | -48.4% |
| 2024 | +24.9% | -32.7% |
| 2025 | +17.7% | -38.3% |
| 2026 | +13.7% | +70.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TUSK good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and TUSK?
As of 2026-08-27, the correlation of weekly returns between SPY and TUSK is 0.11 over 3 years, 0.07 over 1 year and 0.19 over 5 years.
Is TUSK a good diversifier for SPY?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 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: SPY correlations · TUSK correlations
