PLMR vs SPY: Correlation
Palomar Holdings, Inc. (PLMR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLMR and SPY?
Across a 3-year window, the weekly returns of PLMR and SPY correlate at 0.14, weak. Lately the two have drifted apart, with the 1-year correlation at -0.12 versus 0.14 over 3 years. Stretching to 5 years gives 0.28, with an annualized covariance of 70.4 %².
Among the 15 assets we track against PLMR, SPY ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.6 percentage points (+5.0% for PLMR against +20.6% for SPY). One caveat on sizing: PLMR is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PLMR vs SPY: side by side
| PLMR (Palomar Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.0% | +20.6% |
| 5-year return | +44.4% | +82.4% |
| Volatility (ann.) | 35.9% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -42.3% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 17.7 | – |
| 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 | PLMR | SPY |
|---|---|---|
| 2022 | -30.3% | -18.2% |
| 2023 | +22.9% | +26.2% |
| 2024 | +90.3% | +24.9% |
| 2025 | +27.6% | +17.7% |
| 2026 | -3.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLMR and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between PLMR and SPY?
As of 2026-08-27, the correlation of weekly returns between PLMR and SPY is 0.14 over 3 years, -0.12 over 1 year and 0.28 over 5 years.
Is SPY a good diversifier for PLMR?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: PLMR correlations · SPY correlations
