PEO vs SPY: Correlation
Adams Natural Resources Fund, Inc. (PEO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PEO and SPY?
Over the past 3 years, PEO and SPY moved with a correlation of 0.21, which is weak. The past 12 months show a weaker link (-0.36) than the 3-year average (0.21). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 61.9 %².
Among the 42 assets we track against PEO, SPY sits near the bottom by co-movement, at rank #38. The last year tells two different stories: PEO led by 21.0 percentage points, +41.6% for PEO 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.
PEO vs SPY: side by side
| PEO (Adams Natural Resources Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.6% | +20.6% |
| 5-year return | +179.3% | +82.4% |
| Volatility (ann.) | 20.2% | 14.5% |
| Beta vs S&P 500 | 0.30 | 1.00 |
| Max drawdown (3Y) | -18.9% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 4.8 | – |
| Dividend yield | 7.09% | 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 | PEO | SPY |
|---|---|---|
| 2022 | +41.8% | -18.2% |
| 2023 | +0.9% | +26.2% |
| 2024 | +13.6% | +24.9% |
| 2025 | +10.0% | +17.7% |
| 2026 | +38.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PEO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PEO and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with -0.36 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for PEO?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: PEO correlations · SPY correlations
