PAXS vs SPY: Correlation
Measured on weekly returns over the past three years, PIMCO Access Income Fund (PAXS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAXS and SPY?
On 3 years of weekly data the PAXS/SPY correlation comes out at 0.47, moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 99.7 %².
Among the 10 assets we track against PAXS, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 20.9 percentage points (-0.3% for PAXS against +20.6% for SPY).
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.
PAXS vs SPY: side by side
| PAXS (PIMCO Access Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.3% | +20.6% |
| 5-year return | +20.5% | +82.4% |
| Volatility (ann.) | 14.6% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -13.4% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 7.7 | – |
| 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 | PAXS | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +9.3% | +26.2% |
| 2024 | +19.5% | +24.9% |
| 2025 | +12.5% | +17.7% |
| 2026 | +0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAXS and SPY good diversifiers for each other?
Reasonably. At 0.47, PAXS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PAXS and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.55 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for PAXS?
Reasonably. At 0.47, PAXS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: PAXS correlations · SPY correlations
