PCRX vs SPY: Correlation
Measured on weekly returns over the past three years, Pacira BioSciences, Inc. (PCRX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCRX and SPY?
Over the past 3 years, PCRX and SPY moved with a correlation of 0.20, which is weak. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.20). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 147.4 %².
Among the 12 assets we track against PCRX, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 21.7 points (-1.1% versus +20.6%). One caveat on sizing: PCRX is 3.4 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.
PCRX vs SPY: side by side
| PCRX (Pacira BioSciences, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.1% | +20.6% |
| 5-year return | -56.2% | +82.4% |
| Volatility (ann.) | 50.0% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -67.9% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 73.8 | – |
| Dividend yield | 0.00% | 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 | PCRX | SPY |
|---|---|---|
| 2022 | -35.8% | -18.2% |
| 2023 | -12.6% | +26.2% |
| 2024 | -44.2% | +24.9% |
| 2025 | +37.4% | +17.7% |
| 2026 | -0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCRX and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PCRX and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with -0.02 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for PCRX?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
A reading of 0.20 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: PCRX correlations · SPY correlations
