PAG vs SPY: Correlation
Measured on weekly returns over the past three years, Penske Automotive Group, Inc. (PAG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAG and SPY?
Over the past 3 years, PAG and SPY moved with a correlation of 0.36, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.36 over 3 years. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 138.0 %².
Within PAG's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Neither side won the trailing year by much: +19.5% against +20.6%. One caveat on sizing: PAG is 1.8 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.
PAG vs SPY: side by side
| PAG (Penske Automotive Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.5% | +20.6% |
| 5-year return | +177.2% | +82.4% |
| Volatility (ann.) | 26.3% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -24.0% | -18.8% |
| Market cap | $14.3B | – |
| P/E (trailing) | 15.8 | – |
| Dividend yield | 2.60% | 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 | PAG | SPY |
|---|---|---|
| 2022 | +9.2% | -18.2% |
| 2023 | +42.3% | +26.2% |
| 2024 | -2.5% | +24.9% |
| 2025 | +7.1% | +17.7% |
| 2026 | +41.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAG and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PAG and SPY?
As of 2026-08-27, the correlation of weekly returns between PAG and SPY is 0.36 over 3 years, 0.13 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for PAG?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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/pag-vs-spy.json
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Related comparisons
Hubs: PAG correlations · SPY correlations
