PFN vs SPY: Correlation
How closely do PIMCO Income Strategy Fund II (PFN) 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 PFN and SPY?
On 3 years of weekly data the PFN/SPY correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.47 over 3. The 5-year figure is 0.53, and annualized covariance runs at 82.9 %².
Among the 18 assets we track against PFN, SPY ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.5 points (+4.1% versus +20.6%).
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.
PFN vs SPY: side by side
| PFN (PIMCO Income Strategy Fund II) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.1% | +20.6% |
| 5-year return | +9.3% | +82.4% |
| Volatility (ann.) | 12.2% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -11.1% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 12.40% | 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 | PFN | SPY |
|---|---|---|
| 2022 | -17.6% | -18.2% |
| 2023 | +15.5% | +26.2% |
| 2024 | +15.8% | +24.9% |
| 2025 | +13.1% | +17.7% |
| 2026 | +1.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFN 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 PFN and SPY?
The PFN/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.49, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PFN?
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?
A reading of 0.47 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: PFN correlations · SPY correlations
