PAHC vs SPY: Correlation
How closely do Phibro Animal Health Corporation (PAHC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAHC and SPY?
Over the past 3 years, PAHC and SPY moved with a correlation of 0.21, which is weak. The link has loosened recently: the 1-year correlation (-0.06) runs below the 3-year figure (0.21). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 165.9 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against PAHC. Over the last 12 months SPY came out ahead by 6.3 percentage points (+14.3% against +20.6%). One caveat on sizing: PAHC is 3.7 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.
PAHC vs SPY: side by side
| PAHC (Phibro Animal Health Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.3% | +20.6% |
| 5-year return | +73.3% | +82.4% |
| Volatility (ann.) | 53.5% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -52.1% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 15.5 | – |
| Dividend yield | 0.00% | 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 | PAHC | SPY |
|---|---|---|
| 2022 | -32.3% | -18.2% |
| 2023 | -10.4% | +26.2% |
| 2024 | +86.3% | +24.9% |
| 2025 | +80.8% | +17.7% |
| 2026 | -2.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAHC and SPY good diversifiers for each other?
Reasonably. At 0.21, PAHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PAHC and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with -0.06 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for PAHC?
Reasonably. At 0.21, PAHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: PAHC correlations · SPY correlations
