PBA vs SPY: Correlation
Pembina Pipeline Corp. (PBA) 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 PBA and SPY?
Over the past 3 years, PBA and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.25) than the 3-year average (0.06). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 16.9 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against PBA. On 12-month performance PBA holds a 10.8-point edge, +31.4% against +20.6%.
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.
PBA vs SPY: side by side
| PBA (Pembina Pipeline Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.4% | +20.6% |
| 5-year return | +98.2% | +82.4% |
| Volatility (ann.) | 20.0% | 14.5% |
| Beta vs S&P 500 | 0.08 | 1.00 |
| Max drawdown (3Y) | -17.9% | -18.8% |
| Market cap | $28.1B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 5.93% | 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 | PBA | SPY |
|---|---|---|
| 2022 | +18.3% | -18.2% |
| 2023 | +7.8% | +26.2% |
| 2024 | +13.2% | +24.9% |
| 2025 | +5.7% | +17.7% |
| 2026 | +30.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBA and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PBA and SPY?
As of 2026-08-27, the correlation of weekly returns between PBA and SPY is 0.06 over 3 years, -0.25 over 1 year and 0.28 over 5 years.
Is SPY a good diversifier for PBA?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 mean?
A reading of 0.06 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: PBA correlations · SPY correlations
