PLGO vs SPY: Correlation
Pelagos Insurance Capital Limited (PLGO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLGO and SPY?
Over the past 3 years, PLGO and SPY moved with a correlation of 0.21, which is weak. The link has loosened recently: the 1-year correlation (-0.03) runs below the 3-year figure (0.21). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 90.7 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against PLGO. The last year tells two different stories: PLGO led by 23.5 percentage points, +44.1% for PLGO against +20.6% for SPY. Risk is not evenly split, since PLGO carries 2.0 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.
PLGO vs SPY: side by side
| PLGO (Pelagos Insurance Capital Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +44.1% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 29.5% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -29.9% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | 6.1 | – |
| Dividend yield | 2.45% | 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 | PLGO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +46.3% | +24.9% |
| 2025 | +9.4% | +17.7% |
| 2026 | +26.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLGO and SPY good diversifiers for each other?
Reasonably. At 0.21, PLGO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PLGO and SPY?
As of 2026-08-27, the correlation of weekly returns between PLGO and SPY is 0.21 over 3 years, -0.03 over 1 year and n/a over 5 years.
Is SPY a good diversifier for PLGO?
Reasonably. At 0.21, PLGO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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: PLGO correlations · SPY correlations
