PAPL vs SPY: Correlation
Pineapple Financial Inc. (PAPL) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAPL and SPY?
Across a 3-year window, the weekly returns of PAPL and SPY correlate at -0.06, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.13 versus -0.06 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -152.1 %².
Within PAPL's tracked universe of 51 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: SPY led by 91.3 percentage points, -70.7% for PAPL against +20.6% for SPY. Note the risk asymmetry: PAPL runs 12.5 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.
PAPL vs SPY: side by side
| PAPL (Pineapple Financial Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -70.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 181.2% | 14.5% |
| Beta vs S&P 500 | -0.73 | 1.00 |
| Max drawdown (3Y) | -99.4% | -18.8% |
| Market cap | – | – |
| 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 | PAPL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -74.7% | +24.9% |
| 2025 | -84.4% | +17.7% |
| 2026 | -25.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAPL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAPL and SPY?
The PAPL/SPY correlation stands at -0.06 on a 3-year window (1 year: 0.13, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PAPL?
By historical standards, yes. A correlation of -0.06 means the two rarely move for the same reasons.
What does a correlation of -0.06 mean?
On the −1 to +1 scale, -0.06 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: PAPL correlations · SPY correlations
