FLYX vs PGY: Correlation
How closely do flyExclusive, Inc. (FLYX) and Pagaya Technologies Ltd. - Class A (PGY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYX and PGY?
Over the past 3 years, FLYX and PGY moved with a correlation of 0.31, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.48 versus 0.31 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 2947.6 %².
Within FLYX's tracked universe of 12 assets, PGY comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PGY outperformed by 36.7 percentage points (-69.7% for FLYX against -33.0% for PGY).
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.
FLYX vs PGY: side by side
| FLYX (flyExclusive, Inc.) | PGY (Pagaya Technologies Ltd. - Class A) | |
|---|---|---|
| 1-year return | -69.7% | -33.0% |
| 5-year return | n/a | -79.9% |
| Volatility (ann.) | 110.3% | 86.1% |
| Beta vs S&P 500 | 0.67 | 2.49 |
| Max drawdown (3Y) | -94.3% | -75.7% |
| Market cap | $0.2B | $1.9B |
| P/E (trailing) | – | 15.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLYX | PGY |
|---|---|---|
| 2022 | – | -87.5% |
| 2023 | – | +11.3% |
| 2024 | -42.7% | -43.9% |
| 2025 | +30.5% | +125.0% |
| 2026 | -68.9% | +11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYX and PGY good diversifiers for each other?
Reasonably. At 0.31, FLYX and PGY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FLYX and PGY?
The FLYX/PGY correlation stands at 0.31 on a 3-year window (1 year: 0.48, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PGY a good diversifier for FLYX?
Reasonably. At 0.31, FLYX and PGY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flyx-vs-pgy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/flyx-vs-pgy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLYX correlations · PGY correlations
