PAL vs SPY: Correlation
Measured on weekly returns over the past three years, Proficient Auto Logistics, Inc. (PAL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAL and SPY?
Over the past 3 years, PAL and SPY moved with a correlation of 0.32, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.32). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 385.1 %².
Among the 15 assets we track against PAL, SPY ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 54.9 percentage points (-34.3% for PAL against +20.6% for SPY). One caveat on sizing: PAL is 5.5 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.
PAL vs SPY: side by side
| PAL (Proficient Auto Logistics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 79.8% | 14.5% |
| Beta vs S&P 500 | 1.84 | 1.00 |
| Max drawdown (3Y) | -76.0% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| 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 | PAL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +19.5% | +17.7% |
| 2026 | -44.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAL and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PAL and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.20 over the last year and n/a over 5 years.
Is SPY a good diversifier for PAL?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: PAL correlations · SPY correlations
