PDYN vs SPY: Correlation
Palladyne AI Corp. (PDYN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDYN and SPY?
Over the past 3 years, PDYN and SPY moved with a correlation of 0.24, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.48 versus 0.24 over 3 years. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 721.6 %².
SPY is close to the least connected end of PDYN's tracked universe, ranking #14 of 17. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 42.5 percentage points (-21.9% for PDYN against +20.6% for SPY). One caveat on sizing: PDYN is 14.1 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.
PDYN vs SPY: side by side
| PDYN (Palladyne AI Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.9% | +20.6% |
| 5-year return | -88.8% | +82.4% |
| Volatility (ann.) | 204.5% | 14.5% |
| Beta vs S&P 500 | 3.45 | 1.00 |
| Max drawdown (3Y) | -68.8% | -18.8% |
| Market cap | $0.3B | – |
| 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 | PDYN | SPY |
|---|---|---|
| 2022 | -94.4% | -18.2% |
| 2023 | -78.6% | +26.2% |
| 2024 | +1601.8% | +24.9% |
| 2025 | -65.3% | +17.7% |
| 2026 | +43.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDYN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PDYN and SPY?
The PDYN/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.48, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PDYN?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 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: PDYN correlations · SPY correlations
