PK vs SPY: Correlation
Measured on weekly returns over the past three years, Park Hotels & Resorts Inc. (PK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PK and SPY?
Across a 3-year window, the weekly returns of PK and SPY correlate at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.07) runs below the 3-year figure (0.45). Stretching to 5 years gives 0.53, with an annualized covariance of 206.5 %².
Among the 13 assets we track against PK, SPY ranks #6 by 3-year correlation. The last year tells two different stories: PK led by 22.8 percentage points, +43.4% for PK against +20.6% for SPY. Note the risk asymmetry: PK runs 2.2 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.
PK vs SPY: side by side
| PK (Park Hotels & Resorts Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.4% | +20.6% |
| 5-year return | +21.9% | +82.4% |
| Volatility (ann.) | 31.8% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -44.8% | -18.8% |
| Market cap | $3.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.28% | 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 | PK | SPY |
|---|---|---|
| 2022 | -36.0% | -18.2% |
| 2023 | +49.4% | +26.2% |
| 2024 | +1.0% | +24.9% |
| 2025 | -18.4% | +17.7% |
| 2026 | +56.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PK and SPY good diversifiers for each other?
Reasonably. At 0.45, PK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PK and SPY?
The PK/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.07, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PK?
Reasonably. At 0.45, PK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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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Hubs: PK correlations · SPY correlations
