PAGS vs SPY: Correlation
How closely do PagSeguro Digital Ltd. Class A (PAGS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAGS and SPY?
Over the past 3 years, PAGS and SPY moved with a correlation of 0.40, which is moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 244.1 %².
Out of 14 assets tracked against PAGS, SPY lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.0 points (+5.6% versus +20.6%). One caveat on sizing: PAGS is 2.9 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.
PAGS vs SPY: side by side
| PAGS (PagSeguro Digital Ltd. Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.6% | +20.6% |
| 5-year return | -84.4% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -57.6% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 14.99% | 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 | PAGS | SPY |
|---|---|---|
| 2022 | -66.7% | -18.2% |
| 2023 | +42.7% | +26.2% |
| 2024 | -49.8% | +24.9% |
| 2025 | +58.7% | +17.7% |
| 2026 | -5.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAGS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PAGS and SPY?
The PAGS/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.40, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PAGS?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: PAGS correlations · SPY correlations
