PERI vs SPY: Correlation
Measured on weekly returns over the past three years, Perion Network Ltd (PERI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PERI and SPY?
Over the past 3 years, PERI and SPY moved with a correlation of 0.31, which is moderate. Little has changed lately, as the 1-year reading of 0.22 lands near the 3-year figure. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 220.6 %².
Among the 10 assets we track against PERI, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.9 percentage points (+3.7% for PERI against +20.6% for SPY). Note the risk asymmetry: PERI runs 3.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PERI vs SPY: side by side
| PERI (Perion Network Ltd) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.7% | +20.6% |
| 5-year return | -54.1% | +82.4% |
| Volatility (ann.) | 48.9% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -80.1% | -18.8% |
| Market cap | $0.4B | – |
| 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 | PERI | SPY |
|---|---|---|
| 2022 | +5.2% | -18.2% |
| 2023 | +22.0% | +26.2% |
| 2024 | -72.6% | +24.9% |
| 2025 | +13.1% | +17.7% |
| 2026 | +0.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PERI and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PERI and SPY?
As of 2026-08-27, the correlation of weekly returns between PERI and SPY is 0.31 over 3 years, 0.22 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for PERI?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 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: PERI correlations · SPY correlations
