PCG vs SPY: Correlation
Measured on weekly returns over the past three years, PG&E Corporation (PCG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCG and SPY?
On 3 years of weekly data the PCG/SPY correlation comes out at 0.14, weak. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.14). The 5-year figure is 0.30, and annualized covariance runs at 50.8 %².
Among the 30 assets we track against PCG, SPY ranks #16 by 3-year correlation. Neither side won the trailing year by much: +20.3% against +20.6%. The relationship is regime-dependent: the rolling one-year correlation swung between -0.10 and 0.44 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: PCG is 1.7 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.
PCG vs SPY: side by side
| PCG (PG&E Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.3% | +20.6% |
| 5-year return | +102.7% | +82.4% |
| Volatility (ann.) | 24.7% | 14.5% |
| Beta vs S&P 500 | 0.24 | 1.00 |
| Max drawdown (3Y) | -39.6% | -18.8% |
| Market cap | $39.5B | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 0.96% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | PCG | SPY |
|---|---|---|
| 2022 | +33.9% | -18.2% |
| 2023 | +10.9% | +26.2% |
| 2024 | +12.3% | +24.9% |
| 2025 | -19.7% | +17.7% |
| 2026 | +12.3% | +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 PCG at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are PCG and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PCG and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with -0.08 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for PCG?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: PCG correlations · SPY correlations
