PH vs SPY: Correlation
Parker Hannifin (PH) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PH and SPY?
Over the past 3 years, PH and SPY moved with a correlation of 0.63, which is strong. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.63). Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 243.2 %².
Within PH's tracked universe of 57 assets, SPY comes in at #26 by 3-year correlation. Over the last 12 months PH came out ahead by 12.2 percentage points (+32.8% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.26 to 0.88. Risk is not evenly split, since PH carries 1.8 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.
PH vs SPY: side by side
| PH (Parker Hannifin) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.8% | +20.6% |
| 5-year return | +256.4% | +82.4% |
| Volatility (ann.) | 26.6% | 14.5% |
| Beta vs S&P 500 | 1.16 | 1.00 |
| Max drawdown (3Y) | -26.8% | -18.8% |
| Market cap | $127.5B | – |
| P/E (trailing) | 36.5 | – |
| Dividend yield | 0.71% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | PH | SPY |
|---|---|---|
| 2022 | -6.9% | -18.2% |
| 2023 | +60.8% | +26.2% |
| 2024 | +39.6% | +24.9% |
| 2025 | +39.5% | +17.7% |
| 2026 | +15.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
PH represents 0.2% of SPY's portfolio, so part of any move in SPY is PH itself, and the correlation between them is partly mechanical.
Are PH and SPY good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PH and SPY?
The PH/SPY correlation stands at 0.63 on a 3-year window (1 year: 0.30, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PH?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 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: PH correlations · SPY correlations
