PCYO vs SPY: Correlation
How closely do Pure Cycle Corporation (PCYO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCYO and SPY?
Across a 3-year window, the weekly returns of PCYO and SPY correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 153.2 %².
Out of 11 assets tracked against PCYO, SPY lands near the bottom at #7. On 12-month performance SPY holds a 8.7-point edge, +11.9% against +20.6%. One caveat on sizing: PCYO is 1.9 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.
PCYO vs SPY: side by side
| PCYO (Pure Cycle Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.9% | +20.6% |
| 5-year return | -24.0% | +82.4% |
| Volatility (ann.) | 27.7% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -33.4% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 18.7 | – |
| 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 | PCYO | SPY |
|---|---|---|
| 2022 | -28.2% | -18.2% |
| 2023 | -0.1% | +26.2% |
| 2024 | +21.1% | +24.9% |
| 2025 | -13.3% | +17.7% |
| 2026 | +4.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCYO and SPY good diversifiers for each other?
Reasonably. At 0.38, PCYO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PCYO and SPY?
The PCYO/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.32, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PCYO?
Reasonably. At 0.38, PCYO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pcyo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pcyo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PCYO correlations · SPY correlations
