PHIN vs SPY: Correlation
How closely do PHINIA Inc. (PHIN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHIN and SPY?
Over the past 3 years, PHIN and SPY moved with a correlation of 0.44, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.12 versus 0.44 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 211.6 %².
SPY is close to the least connected end of PHIN's tracked universe, ranking #8 of 12. Neither side won the trailing year by much: +16.9% against +20.6%. One caveat on sizing: PHIN is 2.3 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.
PHIN vs SPY: side by side
| PHIN (PHINIA Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 33.0% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -32.9% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 1.63% | 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 | PHIN | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +62.7% | +24.9% |
| 2025 | +33.0% | +17.7% |
| 2026 | +9.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHIN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PHIN and SPY?
The PHIN/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.12, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PHIN?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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: PHIN correlations · SPY correlations
