PCAR vs SPY: Correlation
Paccar (PCAR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCAR and SPY?
Across a 3-year window, the weekly returns of PCAR and SPY correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.52, with an annualized covariance of 153.9 %².
By 3-year correlation, SPY places #16 of the 27 assets tracked against PCAR. The trailing year gives PCAR the advantage: +27.8% versus +20.6%, a 7.2-point spread. The rolling one-year correlation moved between 0.17 and 0.62 over the past three years, a moderate range. Note the risk asymmetry: PCAR runs 1.7 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.
PCAR vs SPY: side by side
| PCAR (Paccar) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.8% | +20.6% |
| 5-year return | +177.9% | +82.4% |
| Volatility (ann.) | 24.1% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -27.7% | -18.8% |
| Market cap | $66.6B | – |
| P/E (trailing) | 26.6 | – |
| Dividend yield | 1.04% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | PCAR | SPY |
|---|---|---|
| 2022 | +17.0% | -18.2% |
| 2023 | +55.0% | +26.2% |
| 2024 | +10.8% | +24.9% |
| 2025 | +8.0% | +17.7% |
| 2026 | +16.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds PCAR at a 0.1% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are PCAR and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PCAR and SPY?
As of 2026-08-27, the correlation of weekly returns between PCAR and SPY is 0.44 over 3 years, 0.16 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for PCAR?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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: PCAR correlations · SPY correlations
