PGZ vs SPY: Correlation
How closely do Principal Real Estate Income Fund (PGZ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGZ and SPY?
On 3 years of weekly data the PGZ/SPY correlation comes out at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 86.7 %².
Among the 13 assets we track against PGZ, SPY ranks #8 by 3-year correlation. The trailing year gives SPY the advantage: +7.6% versus +20.6%, a 13.0-point spread.
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.
PGZ vs SPY: side by side
| PGZ (Principal Real Estate Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.6% | +20.6% |
| 5-year return | +14.2% | +82.4% |
| Volatility (ann.) | 13.2% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -10.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.2 | – |
| 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 | PGZ | SPY |
|---|---|---|
| 2022 | -28.0% | -18.2% |
| 2023 | +4.0% | +26.2% |
| 2024 | +18.0% | +24.9% |
| 2025 | +14.5% | +17.7% |
| 2026 | +7.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGZ and SPY good diversifiers for each other?
Reasonably. At 0.45, PGZ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PGZ and SPY?
As of 2026-08-27, the correlation of weekly returns between PGZ and SPY is 0.45 over 3 years, 0.44 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for PGZ?
Reasonably. At 0.45, PGZ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pgz-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pgz-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PGZ correlations · SPY correlations
