PII vs SPY: Correlation
Polaris Inc. (PII) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PII and SPY?
Across a 3-year window, the weekly returns of PII and SPY correlate at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 223.2 %².
Among the 15 assets we track against PII, SPY ranks #10 by 3-year correlation. Their 12-month results are close: +15.8% for PII against +20.6% for SPY. One caveat on sizing: PII is 2.7 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.
PII vs SPY: side by side
| PII (Polaris Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.8% | +20.6% |
| 5-year return | -39.0% | +82.4% |
| Volatility (ann.) | 39.0% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -70.4% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.24% | 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 | PII | SPY |
|---|---|---|
| 2022 | -6.0% | -18.2% |
| 2023 | -3.8% | +26.2% |
| 2024 | -37.2% | +24.9% |
| 2025 | +15.9% | +17.7% |
| 2026 | +3.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PII and SPY good diversifiers for each other?
Reasonably. At 0.40, PII and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PII and SPY?
The PII/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.31, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PII?
Reasonably. At 0.40, PII and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: PII correlations · SPY correlations
