PANL vs SPY: Correlation
Pangaea Logistics Solutions Ltd. (PANL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PANL and SPY?
Across a 3-year window, the weekly returns of PANL and SPY correlate at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.33 over 3 years. Stretching to 5 years gives 0.28, with an annualized covariance of 200.2 %².
Among the 11 assets we track against PANL, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months PANL outperformed by 29.1 percentage points (+49.7% for PANL against +20.6% for SPY). Note the risk asymmetry: PANL runs 2.9 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.
PANL vs SPY: side by side
| PANL (Pangaea Logistics Solutions Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +49.7% | +20.6% |
| 5-year return | +109.8% | +82.4% |
| Volatility (ann.) | 42.2% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -54.8% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 2.53% | 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 | PANL | SPY |
|---|---|---|
| 2022 | +44.2% | -18.2% |
| 2023 | +70.6% | +26.2% |
| 2024 | -31.1% | +24.9% |
| 2025 | +34.6% | +17.7% |
| 2026 | +16.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PANL and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PANL and SPY?
The PANL/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.19, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PANL?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: PANL correlations · SPY correlations
