PGNY vs SPY: Correlation
How closely do Progyny, Inc. (PGNY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGNY and SPY?
Over the past 3 years, PGNY and SPY moved with a correlation of 0.19, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.19 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 132.9 %².
Among the 12 assets we track against PGNY, SPY ranks #7 by 3-year correlation. Over the last 12 months SPY came out ahead by 8.3 percentage points (+12.3% against +20.6%). One caveat on sizing: PGNY is 3.4 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.
PGNY vs SPY: side by side
| PGNY (Progyny, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.3% | +20.6% |
| 5-year return | -53.1% | +82.4% |
| Volatility (ann.) | 48.9% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -67.2% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 28.1 | – |
| 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 | PGNY | SPY |
|---|---|---|
| 2022 | -38.1% | -18.2% |
| 2023 | +19.4% | +26.2% |
| 2024 | -53.6% | +24.9% |
| 2025 | +48.9% | +17.7% |
| 2026 | +0.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGNY and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between PGNY and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.03 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for PGNY?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: PGNY correlations · SPY correlations
