PFL vs SPY: Correlation
How closely do PIMCO Income Strategy Fund Shares of Beneficial Interest (PFL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFL and SPY?
On 3 years of weekly data the PFL/SPY correlation comes out at 0.47, moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 82.0 %².
Among the 22 assets we track against PFL, SPY ranks #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.5 percentage points (+1.1% for PFL 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.
PFL vs SPY: side by side
| PFL (PIMCO Income Strategy Fund Shares of Beneficial Interest) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.1% | +20.6% |
| 5-year return | +1.9% | +82.4% |
| Volatility (ann.) | 12.0% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -11.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 9.6 | – |
| Dividend yield | 12.86% | 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 | PFL | SPY |
|---|---|---|
| 2022 | -18.0% | -18.2% |
| 2023 | +17.2% | +26.2% |
| 2024 | +11.4% | +24.9% |
| 2025 | +13.0% | +17.7% |
| 2026 | -2.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PFL and SPY?
The PFL/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.46, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PFL?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 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: PFL correlations · SPY correlations
