PBR vs SPY: Correlation
How closely do Petroleo Brasileiro S.A. Petrobras (PBR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBR and SPY?
Across a 3-year window, the weekly returns of PBR and SPY correlate at -0.04, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.30) than the 3-year average (-0.04). Stretching to 5 years gives 0.08, with an annualized covariance of -16.7 %².
Within PBR's tracked universe of 15 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PBR ahead by 35.5 points (+56.1% versus +20.6%). One caveat on sizing: PBR is 2.3 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.
PBR vs SPY: side by side
| PBR (Petroleo Brasileiro S.A. Petrobras) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +56.1% | +20.6% |
| 5-year return | +417.1% | +82.4% |
| Volatility (ann.) | 32.9% | 14.5% |
| Beta vs S&P 500 | -0.08 | 1.00 |
| Max drawdown (3Y) | -26.9% | -18.8% |
| Market cap | $117.6B | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 20.65% | 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 | PBR | SPY |
|---|---|---|
| 2022 | +57.2% | -18.2% |
| 2023 | +89.2% | +26.2% |
| 2024 | -2.3% | +24.9% |
| 2025 | -1.1% | +17.7% |
| 2026 | +60.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBR and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between PBR and SPY?
Using weekly returns as of 2026-08-27: -0.04 over 3 years, with -0.30 over the last year and 0.08 over 5 years.
Is SPY a good diversifier for PBR?
By historical standards, yes. A correlation of -0.04 means the two rarely move for the same reasons.
What does a correlation of -0.04 mean?
On the −1 to +1 scale, -0.04 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: PBR correlations · SPY correlations
