PHUN vs SPY: Correlation
How closely do Phunware, Inc. (PHUN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHUN and SPY?
Over the past 3 years, PHUN and SPY moved with a correlation of 0.14, which is weak. The past 12 months show a tighter link (0.48) than the 3-year average (0.14). Over 5 years the correlation is 0.11, and the annualized covariance of weekly returns is 336.8 %².
Among the 13 assets we track against PHUN, SPY sits near the bottom by co-movement, at rank #10. The last year tells two different stories: SPY led by 40.7 percentage points, -20.1% for PHUN against +20.6% for SPY. Note the risk asymmetry: PHUN runs 11.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PHUN vs SPY: side by side
| PHUN (Phunware, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.1% | +20.6% |
| 5-year return | -96.0% | +82.4% |
| Volatility (ann.) | 162.6% | 14.5% |
| Beta vs S&P 500 | 1.61 | 1.00 |
| Max drawdown (3Y) | -92.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | PHUN | SPY |
|---|---|---|
| 2022 | -70.6% | -18.2% |
| 2023 | -89.4% | +26.2% |
| 2024 | +26.8% | +24.9% |
| 2025 | -64.4% | +17.7% |
| 2026 | +14.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHUN and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, PHUN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PHUN and SPY?
The PHUN/SPY correlation stands at 0.14 on a 3-year window (1 year: 0.48, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PHUN?
Yes. With a correlation of 0.14, PHUN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: PHUN correlations · SPY correlations
