PAM vs SPY: Correlation
Pampa Energia S.A. (PAM) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAM and SPY?
Across a 3-year window, the weekly returns of PAM and SPY correlate at 0.12, weak. The link has loosened recently: the 1-year correlation (-0.01) runs below the 3-year figure (0.12). Stretching to 5 years gives 0.22, with an annualized covariance of 80.3 %².
By 3-year correlation, SPY places #10 of the 21 assets tracked against PAM. Their 12-month results are close: +22.4% for PAM against +20.6% for SPY. Note the risk asymmetry: PAM runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PAM vs SPY: side by side
| PAM (Pampa Energia S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.4% | +20.6% |
| 5-year return | +339.3% | +82.4% |
| Volatility (ann.) | 45.3% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -40.4% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | 7.3 | – |
| 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 | PAM | SPY |
|---|---|---|
| 2022 | +51.3% | -18.2% |
| 2023 | +55.0% | +26.2% |
| 2024 | +77.6% | +24.9% |
| 2025 | +0.6% | +17.7% |
| 2026 | -8.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAM and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAM and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.01 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for PAM?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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: PAM correlations · SPY correlations
