PJT vs SPY: Correlation
PJT Partners Inc. (PJT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PJT and SPY?
Across a 3-year window, the weekly returns of PJT and SPY correlate at 0.53, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.53). Stretching to 5 years gives 0.47, with an annualized covariance of 224.9 %².
Out of 10 assets tracked against PJT, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 21.8 percentage points (-1.2% for PJT against +20.6% for SPY). Risk is not evenly split, since PJT carries 2.0 times the volatility of the other side.
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.
PJT vs SPY: side by side
| PJT (PJT Partners Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.2% | +20.6% |
| 5-year return | +143.7% | +82.4% |
| Volatility (ann.) | 29.4% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | $7.6B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 0.57% | 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 | PJT | SPY |
|---|---|---|
| 2022 | +0.9% | -18.2% |
| 2023 | +40.0% | +26.2% |
| 2024 | +56.2% | +24.9% |
| 2025 | +6.6% | +17.7% |
| 2026 | +7.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PJT and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PJT and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.31 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for PJT?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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: PJT correlations · SPY correlations
