PINE vs SPY: Correlation
Alpine Income Property Trust, Inc. (PINE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PINE and SPY?
Across a 3-year window, the weekly returns of PINE and SPY correlate at 0.12, weak. Recent behaviour matches the longer record: 0.03 over 1 year against 0.12 over 3. Stretching to 5 years gives 0.30, with an annualized covariance of 40.4 %².
SPY is close to the least connected end of PINE's tracked universe, ranking #7 of 11. The last year tells two different stories: PINE led by 17.3 percentage points, +37.9% for PINE against +20.6% for SPY. One caveat on sizing: PINE is 1.6 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.
PINE vs SPY: side by side
| PINE (Alpine Income Property Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +37.9% | +20.6% |
| 5-year return | +43.8% | +82.4% |
| Volatility (ann.) | 23.9% | 14.5% |
| Beta vs S&P 500 | 0.19 | 1.00 |
| Max drawdown (3Y) | -24.8% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 93.5 | – |
| Dividend yield | 5.94% | 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 | PINE | SPY |
|---|---|---|
| 2022 | +0.9% | -18.2% |
| 2023 | -5.5% | +26.2% |
| 2024 | +6.1% | +24.9% |
| 2025 | +7.0% | +17.7% |
| 2026 | +21.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PINE and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PINE and SPY?
As of 2026-08-27, the correlation of weekly returns between PINE and SPY is 0.12 over 3 years, 0.03 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for PINE?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 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: PINE correlations · SPY correlations
