PGC vs SPY: Correlation
Peapack-Gl (PGC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGC and SPY?
Across a 3-year window, the weekly returns of PGC and SPY correlate at 0.37, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.37). Stretching to 5 years gives 0.42, with an annualized covariance of 183.7 %².
Out of 12 assets tracked against PGC, SPY lands near the bottom at #8. The last year tells two different stories: PGC led by 37.1 percentage points, +57.7% for PGC against +20.6% for SPY. Risk is not evenly split, since PGC carries 2.4 times the volatility of the other side.
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.
PGC vs SPY: side by side
| PGC (Peapack-Gl) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.7% | +20.6% |
| 5-year return | +41.8% | +82.4% |
| Volatility (ann.) | 34.4% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -34.2% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 0.44% | 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 | PGC | SPY |
|---|---|---|
| 2022 | +5.7% | -18.2% |
| 2023 | -19.3% | +26.2% |
| 2024 | +8.3% | +24.9% |
| 2025 | -12.5% | +17.7% |
| 2026 | +62.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGC and SPY good diversifiers for each other?
Reasonably. At 0.37, PGC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PGC and SPY?
The PGC/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.09, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PGC?
Reasonably. At 0.37, PGC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 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: PGC correlations · SPY correlations
