PAYS vs SPY: Correlation
Paysign, Inc. (PAYS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYS and SPY?
On 3 years of weekly data the PAYS/SPY correlation comes out at 0.29, weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.29 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 335.1 %².
Among the 15 assets we track against PAYS, SPY ranks #10 by 3-year correlation. The last year tells two different stories: PAYS led by 128.6 percentage points, +149.2% for PAYS against +20.6% for SPY. One caveat on sizing: PAYS is 5.6 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.
PAYS vs SPY: side by side
| PAYS (Paysign, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +149.2% | +20.6% |
| 5-year return | +430.6% | +82.4% |
| Volatility (ann.) | 81.0% | 14.5% |
| Beta vs S&P 500 | 1.60 | 1.00 |
| Max drawdown (3Y) | -64.6% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 50.6 | – |
| 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 | PAYS | SPY |
|---|---|---|
| 2022 | +61.2% | -18.2% |
| 2023 | +8.5% | +26.2% |
| 2024 | +7.9% | +24.9% |
| 2025 | +70.5% | +17.7% |
| 2026 | +155.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYS and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PAYS and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.09 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for PAYS?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: PAYS correlations · SPY correlations
