PLD vs SPY: Correlation
How closely do Prologis (PLD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLD and SPY?
Over the past 3 years, PLD and SPY moved with a correlation of 0.50, which is moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.50). Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 187.2 %².
Among the 40 assets we track against PLD, SPY ranks #26 by 3-year correlation. On 12-month performance PLD holds a 9.4-point edge, +30.0% against +20.6%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.27 and 0.83 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since PLD carries 1.8 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.
PLD vs SPY: side by side
| PLD (Prologis) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.0% | +20.6% |
| 5-year return | +22.5% | +82.4% |
| Volatility (ann.) | 25.8% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -31.4% | -18.8% |
| Market cap | $137.9B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 2.92% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | PLD | SPY |
|---|---|---|
| 2022 | -31.3% | -18.2% |
| 2023 | +21.6% | +26.2% |
| 2024 | -18.1% | +24.9% |
| 2025 | +25.1% | +17.7% |
| 2026 | +12.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds PLD at a 0.2% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are PLD and SPY good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PLD and SPY?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.28 over the last year and 0.62 over 5 years.
Is SPY a good diversifier for PLD?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 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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Related comparisons
Hubs: PLD correlations · SPY correlations
