PDX vs SPY: Correlation
How closely do PIMCO Dynamic Income Strategy Fund (PDX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDX and SPY?
Across a 3-year window, the weekly returns of PDX and SPY correlate at 0.22, weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.22). Stretching to 5 years gives 0.39, with an annualized covariance of 84.6 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against PDX. The trailing year gives SPY the advantage: +10.9% versus +20.6%, a 9.7-point spread. Risk is not evenly split, since PDX carries 1.8 times the volatility of the other side.
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.
PDX vs SPY: side by side
| PDX (PIMCO Dynamic Income Strategy Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.9% | +20.6% |
| 5-year return | +203.4% | +82.4% |
| Volatility (ann.) | 26.1% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -37.2% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| 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 | PDX | SPY |
|---|---|---|
| 2022 | +23.0% | -18.2% |
| 2023 | +44.5% | +26.2% |
| 2024 | +37.0% | +24.9% |
| 2025 | -10.6% | +17.7% |
| 2026 | +21.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDX and SPY good diversifiers for each other?
Reasonably. At 0.22, PDX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PDX and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.02 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for PDX?
Reasonably. At 0.22, PDX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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: PDX correlations · SPY correlations
