PEW vs SPY: Correlation
GrabAGun Digital Holdings Inc. (PEW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PEW and SPY?
On 3 years of weekly data the PEW/SPY correlation comes out at 0.12, weak. The link has tightened recently: the 1-year correlation (0.40) runs above the 3-year figure (0.12). The 5-year figure is n/a, and annualized covariance runs at 91.8 %².
By 3-year correlation, SPY places #7 of the 24 assets tracked against PEW. Correlation aside, the last 12 months split them widely, with SPY ahead by 77.7 points (-57.1% versus +20.6%). One caveat on sizing: PEW is 3.5 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.
PEW vs SPY: side by side
| PEW (GrabAGun Digital Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -57.1% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 51.2% | 14.5% |
| Beta vs S&P 500 | 0.44 | 1.00 |
| Max drawdown (3Y) | -86.8% | -18.8% |
| Market cap | $0.1B | – |
| 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 | PEW | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -74.4% | +17.7% |
| 2026 | -21.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PEW and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between PEW and SPY?
The PEW/SPY correlation stands at 0.12 on a 3-year window (1 year: 0.40, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PEW?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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: PEW correlations · SPY correlations
