PKOH vs SPY: Correlation
Measured on weekly returns over the past three years, Park-Ohio Holdings Corp. (PKOH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PKOH and SPY?
Over the past 3 years, PKOH and SPY moved with a correlation of 0.44, which is moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 277.9 %².
Within PKOH's tracked universe of 13 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: PKOH led by 125.4 percentage points, +146.0% for PKOH against +20.6% for SPY. Note the risk asymmetry: PKOH runs 3.0 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.
PKOH vs SPY: side by side
| PKOH (Park-Ohio Holdings Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +146.0% | +20.6% |
| 5-year return | +101.4% | +82.4% |
| Volatility (ann.) | 43.9% | 14.5% |
| Beta vs S&P 500 | 1.33 | 1.00 |
| Max drawdown (3Y) | -52.5% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 24.6 | – |
| Dividend yield | 1.09% | 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 | PKOH | SPY |
|---|---|---|
| 2022 | -40.3% | -18.2% |
| 2023 | +127.1% | +26.2% |
| 2024 | -0.8% | +24.9% |
| 2025 | -18.3% | +17.7% |
| 2026 | +129.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PKOH and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PKOH and SPY?
The PKOH/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.39, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PKOH?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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: PKOH correlations · SPY correlations
