PNC vs SPY: Correlation
PNC Financial Services (PNC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNC and SPY?
Across a 3-year window, the weekly returns of PNC and SPY correlate at 0.52, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.52 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 191.9 %².
Among the 47 assets we track against PNC, SPY ranks #34 by 3-year correlation. Their 12-month results are close: +22.1% for PNC against +20.6% for SPY. This link changes with the market regime, having swung between 0.23 and 0.75 on a rolling one-year basis. One caveat on sizing: PNC is 1.8 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.
PNC vs SPY: side by side
| PNC (PNC Financial Services) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.1% | +20.6% |
| 5-year return | +53.5% | +82.4% |
| Volatility (ann.) | 25.6% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -29.8% | -18.8% |
| Market cap | $97.1B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 2.78% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | PNC | SPY |
|---|---|---|
| 2022 | -18.6% | -18.2% |
| 2023 | +2.7% | +26.2% |
| 2024 | +29.4% | +24.9% |
| 2025 | +12.2% | +17.7% |
| 2026 | +19.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.15% of SPY is PNC itself, so the fund partly moves with the stock by construction.
Are PNC and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means PNC and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between PNC and SPY?
As of 2026-08-27, the correlation of weekly returns between PNC and SPY is 0.52 over 3 years, 0.27 over 1 year and 0.58 over 5 years.
Is SPY a good diversifier for PNC?
Only partially. A correlation of 0.52 means PNC and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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: PNC correlations · SPY correlations
