PNNT vs SPY: Correlation
Measured on weekly returns over the past three years, PennantPark Investment Corporation (PNNT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNNT and SPY?
On 3 years of weekly data the PNNT/SPY correlation comes out at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 127.1 %².
Among the 12 assets we track against PNNT, SPY sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 57.0 points (-36.4% versus +20.6%).
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.
PNNT vs SPY: side by side
| PNNT (PennantPark Investment Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.4% | +20.6% |
| 5-year return | +13.8% | +82.4% |
| Volatility (ann.) | 21.6% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -47.6% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 21.28% | 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 | PNNT | SPY |
|---|---|---|
| 2022 | -8.9% | -18.2% |
| 2023 | +37.3% | +26.2% |
| 2024 | +16.6% | +24.9% |
| 2025 | -3.0% | +17.7% |
| 2026 | -27.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNNT and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PNNT and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.40 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for PNNT?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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: PNNT correlations · SPY correlations
