PIII vs SPY: Correlation
P3 Health Partners Inc. (PIII) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PIII and SPY?
On 3 years of weekly data the PIII/SPY correlation comes out at 0.05, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.03 lands near the 3-year figure. The 5-year figure is 0.14, and annualized covariance runs at 108.8 %².
By 3-year correlation, SPY places #15 of the 28 assets tracked against PIII. Neither side won the trailing year by much: +19.6% against +20.6%. Note the risk asymmetry: PIII runs 10.6 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.
PIII vs SPY: side by side
| PIII (P3 Health Partners Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.6% | +20.6% |
| 5-year return | -98.1% | +82.4% |
| Volatility (ann.) | 154.4% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -98.9% | -18.8% |
| Market cap | $1.9B | – |
| 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 | PIII | SPY |
|---|---|---|
| 2022 | -73.9% | -18.2% |
| 2023 | -23.4% | +26.2% |
| 2024 | -84.0% | +24.9% |
| 2025 | -69.0% | +17.7% |
| 2026 | +169.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PIII and SPY good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PIII and SPY?
The PIII/SPY correlation stands at 0.05 on a 3-year window (1 year: -0.03, 5 years: 0.14), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PIII?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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: PIII correlations · SPY correlations
