PGP vs SPY: Correlation
Pimco Global StocksPlus & Income Fund (PGP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGP and SPY?
Over the past 3 years, PGP and SPY moved with a correlation of 0.50, which is moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.50). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 122.2 %².
Among the 12 assets we track against PGP, SPY ranks #6 by 3-year correlation. On 12-month performance SPY holds a 7.1-point edge, +13.5% against +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.
PGP vs SPY: side by side
| PGP (Pimco Global StocksPlus & Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.5% | +20.6% |
| 5-year return | +30.7% | +82.4% |
| Volatility (ann.) | 16.8% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -16.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 9.50% | 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 | PGP | SPY |
|---|---|---|
| 2022 | -29.2% | -18.2% |
| 2023 | +21.3% | +26.2% |
| 2024 | +15.5% | +24.9% |
| 2025 | +29.9% | +17.7% |
| 2026 | +1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGP and SPY good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PGP and SPY?
As of 2026-08-27, the correlation of weekly returns between PGP and SPY is 0.50 over 3 years, 0.69 over 1 year and 0.58 over 5 years.
Is SPY a good diversifier for PGP?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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: PGP correlations · SPY correlations
