PAGP vs SPY: Correlation
Measured on weekly returns over the past three years, Plains GP Holdings, L.P. - Class A Shares representing (PAGP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAGP and SPY?
On 3 years of weekly data the PAGP/SPY correlation comes out at 0.16, weak. The past 12 months show a weaker link (-0.27) than the 3-year average (0.16). The 5-year figure is 0.30, and annualized covariance runs at 52.7 %².
Out of 14 assets tracked against PAGP, SPY lands near the bottom at #10. The last year tells two different stories: PAGP led by 38.3 percentage points, +58.9% for PAGP against +20.6% for SPY. Risk is not evenly split, since PAGP carries 1.6 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.
PAGP vs SPY: side by side
| PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +58.9% | +20.6% |
| 5-year return | +318.4% | +82.4% |
| Volatility (ann.) | 23.3% | 14.5% |
| Beta vs S&P 500 | 0.25 | 1.00 |
| Max drawdown (3Y) | -21.0% | -18.8% |
| Market cap | $6.5B | – |
| P/E (trailing) | 80.1 | – |
| Dividend yield | 5.81% | 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 | PAGP | SPY |
|---|---|---|
| 2022 | +31.8% | -18.2% |
| 2023 | +38.1% | +26.2% |
| 2024 | +23.7% | +24.9% |
| 2025 | +12.7% | +17.7% |
| 2026 | +54.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAGP and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, PAGP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PAGP and SPY?
The PAGP/SPY correlation stands at 0.16 on a 3-year window (1 year: -0.27, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PAGP?
Yes. With a correlation of 0.16, PAGP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 mean?
On the −1 to +1 scale, 0.16 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: PAGP correlations · SPY correlations
