PLAB vs SPY: Correlation
Photronics, Inc. (PLAB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLAB and SPY?
Across a 3-year window, the weekly returns of PLAB and SPY correlate at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.19) runs below the 3-year figure (0.38). Stretching to 5 years gives 0.47, with an annualized covariance of 325.5 %².
Within PLAB's tracked universe of 14 assets, SPY comes in at #9 by 3-year correlation. On 12-month performance PLAB holds a 5.6-point edge, +26.2% against +20.6%. Note the risk asymmetry: PLAB runs 4.1 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.
PLAB vs SPY: side by side
| PLAB (Photronics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.2% | +20.6% |
| 5-year return | +106.4% | +82.4% |
| Volatility (ann.) | 60.0% | 14.5% |
| Beta vs S&P 500 | 1.56 | 1.00 |
| Max drawdown (3Y) | -50.6% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 0.00% | 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 | PLAB | SPY |
|---|---|---|
| 2022 | -10.7% | -18.2% |
| 2023 | +86.4% | +26.2% |
| 2024 | -24.9% | +24.9% |
| 2025 | +35.8% | +17.7% |
| 2026 | -5.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLAB and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PLAB and SPY?
As of 2026-08-27, the correlation of weekly returns between PLAB and SPY is 0.38 over 3 years, 0.19 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for PLAB?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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: PLAB correlations · SPY correlations
