PENN vs SPY: Correlation
Measured on weekly returns over the past three years, PENN Entertainment, Inc. (PENN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PENN and SPY?
Over the past 3 years, PENN and SPY moved with a correlation of 0.46, which is moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.46). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 312.3 %².
Within PENN's tracked universe of 16 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: SPY led by 33.6 percentage points, -13.0% for PENN against +20.6% for SPY. Risk is not evenly split, since PENN carries 3.2 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.
PENN vs SPY: side by side
| PENN (PENN Entertainment, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.0% | +20.6% |
| 5-year return | -78.7% | +82.4% |
| Volatility (ann.) | 47.0% | 14.5% |
| Beta vs S&P 500 | 1.50 | 1.00 |
| Max drawdown (3Y) | -55.8% | -18.8% |
| Market cap | $2.3B | – |
| 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 | PENN | SPY |
|---|---|---|
| 2022 | -42.7% | -18.2% |
| 2023 | -12.4% | +26.2% |
| 2024 | -23.8% | +24.9% |
| 2025 | -25.6% | +17.7% |
| 2026 | +17.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PENN and SPY good diversifiers for each other?
Reasonably. At 0.46, PENN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PENN and SPY?
As of 2026-08-27, the correlation of weekly returns between PENN and SPY is 0.46 over 3 years, 0.29 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for PENN?
Reasonably. At 0.46, PENN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: PENN correlations · SPY correlations
