PBF vs SPY: Correlation
Measured on weekly returns over the past three years, PBF Energy Inc. (PBF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBF and SPY?
Across a 3-year window, the weekly returns of PBF and SPY correlate at 0.11, weak. Lately the two have drifted apart, with the 1-year correlation at -0.29 versus 0.11 over 3 years. Stretching to 5 years gives 0.09, with an annualized covariance of 97.5 %².
SPY is close to the least connected end of PBF's tracked universe, ranking #8 of 12. The last year tells two different stories: PBF led by 146.4 percentage points, +167.0% for PBF against +20.6% for SPY. One caveat on sizing: PBF is 4.0 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.
PBF vs SPY: side by side
| PBF (PBF Energy Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +167.0% | +20.6% |
| 5-year return | +642.1% | +82.4% |
| Volatility (ann.) | 58.6% | 14.5% |
| Beta vs S&P 500 | 0.47 | 1.00 |
| Max drawdown (3Y) | -76.0% | -18.8% |
| Market cap | $8.1B | – |
| P/E (trailing) | 6.1 | – |
| Dividend yield | 1.58% | 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 | PBF | SPY |
|---|---|---|
| 2022 | +215.8% | -18.2% |
| 2023 | +10.0% | +26.2% |
| 2024 | -38.0% | +24.9% |
| 2025 | +6.8% | +17.7% |
| 2026 | +157.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBF and SPY good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PBF and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with -0.29 over the last year and 0.09 over 5 years.
Is SPY a good diversifier for PBF?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 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: PBF correlations · SPY correlations
