PENG vs SPY: Correlation
Penguin Solutions, Inc. (PENG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PENG and SPY?
Across a 3-year window, the weekly returns of PENG and SPY correlate at 0.52, moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.52). Stretching to 5 years gives 0.52, with an annualized covariance of 537.2 %².
Out of 10 assets tracked against PENG, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months PENG outperformed by 95.6 percentage points (+116.2% for PENG against +20.6% for SPY). One caveat on sizing: PENG is 4.9 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.
PENG vs SPY: side by side
| PENG (Penguin Solutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +116.2% | +20.6% |
| 5-year return | +118.5% | +82.4% |
| Volatility (ann.) | 71.5% | 14.5% |
| Beta vs S&P 500 | 2.57 | 1.00 |
| Max drawdown (3Y) | -50.5% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 37.2 | – |
| 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 | PENG | SPY |
|---|---|---|
| 2022 | -58.1% | -18.2% |
| 2023 | +27.2% | +26.2% |
| 2024 | +1.4% | +24.9% |
| 2025 | +1.9% | +17.7% |
| 2026 | +168.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PENG and SPY good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PENG and SPY?
As of 2026-08-27, the correlation of weekly returns between PENG and SPY is 0.52 over 3 years, 0.63 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for PENG?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
A reading of 0.52 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/peng-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/peng-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PENG correlations · SPY correlations
