MTR vs. SPY

Last updated Jun 4, 2026

MTR (Mesa Royalty Trust) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MTR returned 0.07%/yr vs 15.49%/yr for SPY. At a 0.09 correlation, their price movements are largely independent.

Performance

MTR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mesa Royalty Trust (MTR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTR achieves a -10.37% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, MTR has underperformed SPY with an annualized return of 0.07%, while SPY has yielded a comparatively higher 15.49% annualized return.

MTR

• 1D: -0.39%
• 1M: -17.71%
• YTD: -10.37%
• 6M: -16.91%
• 1Y: -21.89%
• 3Y*: -43.87%
• 5Y*: -2.39%
• 10Y*: 0.07%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MTR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTR Mesa Royalty Trust	-10.37%	-23.56%	-54.12%	-35.42%	312.74%	61.90%	-38.58%	-30.38%	-36.23%	88.15%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MTR and SPY is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993	0.09

The correlation between MTR and SPY shifts across timeframes, from -0.04 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MTR vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MTR

MTR Risk / Return Rank: 30
MTR Sharpe Ratio Rank: 28
MTR Sortino Ratio Rank: 30
MTR Omega Ratio Rank: 30
MTR Calmar Ratio Rank: 28
MTR Martin Ratio Rank: 31

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MTR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mesa Royalty Trust (MTR) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MTR	SPY	Difference
Sharpe ratio Return per unit of total volatility	-0.31	2.38	-2.69
Sortino ratio Return per unit of downside risk	0.00	3.24	-3.24
Omega ratio Gain probability vs. loss probability	1.00	1.43	-0.43
Calmar ratio Return relative to maximum drawdown	-0.39	3.16	-3.56
Martin ratio Return relative to average drawdown	-0.53	14.72	-15.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTR vs. SPY - Sharpe Ratio Comparison

The current MTR Sharpe Ratio is -0.31, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of MTR and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MTR	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	2.38	-2.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.82	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	0.87	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.59	-0.54

Drawdowns

MTR vs. SPY - Drawdown Comparison

The maximum MTR drawdown since its inception was -88.90%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MTR and SPY.

Drawdown Indicators

	MTR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-88.90%	-55.19%	-33.71%
Max Drawdown (1Y) Largest decline over 1 year	-55.94%	-8.88%	-47.06%
Max Drawdown (3Y) Largest decline over 3 years	-83.85%	-18.76%	-65.09%
Max Drawdown (5Y) Largest decline over 5 years	-85.77%	-24.50%	-61.27%
Max Drawdown (10Y) Largest decline over 10 years	-85.77%	-33.72%	-52.05%
Current Drawdown Current decline from peak	-85.30%	-0.70%	-84.60%
Average Drawdown Average peak-to-trough decline	-32.14%	-9.05%	-23.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.49%	1.91%	+39.58%

Volatility

MTR vs. SPY - Volatility Comparison

Mesa Royalty Trust (MTR) has a higher volatility of 10.36% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that MTR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	2.84%	+7.52%
Volatility (6M) Calculated over the trailing 6-month period	33.50%	8.90%	+24.60%
Volatility (1Y) Calculated over the trailing 1-year period	70.74%	11.83%	+58.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.06%	17.05%	+55.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.70%	17.94%	+51.76%

Dividends

MTR vs. SPY - Dividend Comparison

MTR's dividend yield for the trailing twelve months is around 5.64%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTR Mesa Royalty Trust	5.64%	5.38%	3.57%	11.28%	8.95%	6.87%	7.18%	13.10%	10.98%	8.20%	5.94%	13.75%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MTR and SPY in my portfolio?

MTR and SPY have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTR or SPY?

MTR has higher volatility (10.36%) compared to SPY (2.84%). In terms of maximum drawdown, MTR dropped -88.90% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.