PBI vs SPY: Correlation
Pitney Bowes Inc. (PBI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBI and SPY?
Over the past 3 years, PBI and SPY moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 313.4 %².
Among the 10 assets we track against PBI, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with PBI ahead by 24.1 points (+44.7% versus +20.6%). Note the risk asymmetry: PBI runs 3.5 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.
PBI vs SPY: side by side
| PBI (Pitney Bowes Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +44.7% | +20.6% |
| 5-year return | +183.6% | +82.4% |
| Volatility (ann.) | 51.4% | 14.5% |
| Beta vs S&P 500 | 1.50 | 1.00 |
| Max drawdown (3Y) | -28.3% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 2.12% | 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 | PBI | SPY |
|---|---|---|
| 2022 | -39.7% | -18.2% |
| 2023 | +22.2% | +26.2% |
| 2024 | +70.6% | +24.9% |
| 2025 | +50.4% | +17.7% |
| 2026 | +66.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBI and SPY good diversifiers for each other?
Reasonably. At 0.42, PBI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PBI and SPY?
The PBI/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.14, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PBI?
Reasonably. At 0.42, PBI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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: PBI correlations · SPY correlations
