PCN vs SPY: Correlation
Measured on weekly returns over the past three years, Pimco Corporate & Income Strategy Fund (PCN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCN and SPY?
Over the past 3 years, PCN and SPY moved with a correlation of 0.47, which is moderate. The link has tightened recently: the 1-year correlation (0.59) runs above the 3-year figure (0.47). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 101.2 %².
Among the 11 assets we track against PCN, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.5 percentage points (+1.1% for PCN against +20.6% for SPY).
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.
PCN vs SPY: side by side
| PCN (Pimco Corporate & Income Strategy Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.1% | +20.6% |
| 5-year return | +8.7% | +82.4% |
| Volatility (ann.) | 14.8% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -22.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 9.2 | – |
| Dividend yield | 11.51% | 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 | PCN | SPY |
|---|---|---|
| 2022 | -22.9% | -18.2% |
| 2023 | +16.3% | +26.2% |
| 2024 | +19.6% | +24.9% |
| 2025 | +5.6% | +17.7% |
| 2026 | -0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCN and SPY good diversifiers for each other?
Reasonably. At 0.47, PCN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PCN and SPY?
The PCN/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.59, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PCN?
Reasonably. At 0.47, PCN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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: PCN correlations · SPY correlations
