PKG vs SPY: Correlation
Packaging Corporation of America (PKG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PKG and SPY?
Over the past 3 years, PKG and SPY moved with a correlation of 0.32, which is moderate. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.32). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 109.3 %².
By 3-year correlation, SPY places #21 of the 32 assets tracked against PKG. Their 12-month results are close: +18.5% for PKG against +20.6% for SPY. This link changes with the market regime, having swung between 0.00 and 0.64 on a rolling one-year basis. Note the risk asymmetry: PKG runs 1.6 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.
PKG vs SPY: side by side
| PKG (Packaging Corporation of America) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.5% | +20.6% |
| 5-year return | +86.8% | +82.4% |
| Volatility (ann.) | 23.5% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -28.4% | -18.8% |
| Market cap | $21.7B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 2.13% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | PKG | SPY |
|---|---|---|
| 2022 | -2.6% | -18.2% |
| 2023 | +31.9% | +26.2% |
| 2024 | +41.7% | +24.9% |
| 2025 | -6.1% | +17.7% |
| 2026 | +19.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PKG and SPY good diversifiers for each other?
Reasonably. At 0.32, PKG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PKG and SPY?
As of 2026-08-27, the correlation of weekly returns between PKG and SPY is 0.32 over 3 years, 0.02 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for PKG?
Reasonably. At 0.32, PKG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: PKG correlations · SPY correlations
