PDI vs SPY: Correlation
Measured on weekly returns over the past three years, PIMCO Dynamic Income Fund (PDI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDI and SPY?
On 3 years of weekly data the PDI/SPY correlation comes out at 0.53, moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.53). The 5-year figure is 0.58, and annualized covariance runs at 108.9 %².
Among the 13 assets we track against PDI, SPY ranks #7 by 3-year correlation. The last year tells two different stories: SPY led by 28.2 percentage points, -7.6% for PDI 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.
PDI vs SPY: side by side
| PDI (PIMCO Dynamic Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.6% | +20.6% |
| 5-year return | +11.0% | +82.4% |
| Volatility (ann.) | 14.3% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -14.4% | -18.8% |
| Market cap | $7.1B | – |
| P/E (trailing) | 7.5 | – |
| 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 | PDI | SPY |
|---|---|---|
| 2022 | -17.0% | -18.2% |
| 2023 | +12.0% | +26.2% |
| 2024 | +17.2% | +24.9% |
| 2025 | +11.1% | +17.7% |
| 2026 | -3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDI and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PDI and SPY?
The PDI/SPY correlation stands at 0.53 on a 3-year window (1 year: 0.40, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PDI?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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: PDI correlations · SPY correlations
