PBT vs SPY: Correlation
How closely do Permian Basin Royalty Trust (PBT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBT and SPY?
On 3 years of weekly data the PBT/SPY correlation comes out at 0.17, weak. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.17). The 5-year figure is 0.16, and annualized covariance runs at 99.6 %².
Among the 11 assets we track against PBT, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PBT ahead by 87.8 points (+108.4% versus +20.6%). Note the risk asymmetry: PBT runs 2.7 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.
PBT vs SPY: side by side
| PBT (Permian Basin Royalty Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +108.4% | +20.6% |
| 5-year return | +669.6% | +82.4% |
| Volatility (ann.) | 39.6% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -57.6% | -18.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 96.2 | – |
| Dividend yield | 0.81% | 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 | PBT | SPY |
|---|---|---|
| 2022 | +166.2% | -18.2% |
| 2023 | -42.8% | +26.2% |
| 2024 | -16.9% | +24.9% |
| 2025 | +56.6% | +17.7% |
| 2026 | +100.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBT and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PBT and SPY?
The PBT/SPY correlation stands at 0.17 on a 3-year window (1 year: -0.05, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PBT?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 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: PBT correlations · SPY correlations
