PNR vs SPY: Correlation
How closely do Pentair (PNR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNR and SPY?
On 3 years of weekly data the PNR/SPY correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.55). The 5-year figure is 0.63, and annualized covariance runs at 223.0 %².
Among the 38 assets we track against PNR, SPY ranks #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 63.1 points (-42.5% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.16 to 0.83. Note the risk asymmetry: PNR runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PNR vs SPY: side by side
| PNR (Pentair) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -42.5% | +20.6% |
| 5-year return | -14.1% | +82.4% |
| Volatility (ann.) | 28.2% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -45.0% | -18.8% |
| Market cap | $9.9B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.65% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | PNR | SPY |
|---|---|---|
| 2022 | -37.4% | -18.2% |
| 2023 | +64.2% | +26.2% |
| 2024 | +40.0% | +24.9% |
| 2025 | +4.5% | +17.7% |
| 2026 | -39.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNR and SPY good diversifiers for each other?
To a limited degree. At 0.55 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 PNR and SPY?
As of 2026-08-27, the correlation of weekly returns between PNR and SPY is 0.55 over 3 years, 0.25 over 1 year and 0.63 over 5 years.
Is SPY a good diversifier for PNR?
To a limited degree. At 0.55 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 0.55 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pnr-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pnr-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PNR correlations · SPY correlations
