PNW vs SPY: Correlation
Pinnacle West Capital (PNW) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNW and SPY?
On 3 years of weekly data the PNW/SPY correlation comes out at 0.08, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.12 versus 0.08 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 19.8 %².
Among the 36 assets we track against PNW, SPY ranks #25 by 3-year correlation. Over the last 12 months SPY came out ahead by 8.2 percentage points (+12.4% against +20.6%). This link changes with the market regime, having swung between -0.17 and 0.45 on a rolling one-year basis.
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.
PNW vs SPY: side by side
| PNW (Pinnacle West Capital) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.4% | +20.6% |
| 5-year return | +59.3% | +82.4% |
| Volatility (ann.) | 18.2% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -14.4% | -18.8% |
| Market cap | $11.9B | – |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 3.67% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | PNW | SPY |
|---|---|---|
| 2022 | +13.0% | -18.2% |
| 2023 | -1.2% | +26.2% |
| 2024 | +23.5% | +24.9% |
| 2025 | +8.9% | +17.7% |
| 2026 | +13.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNW and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PNW and SPY?
As of 2026-08-27, the correlation of weekly returns between PNW and SPY is 0.08 over 3 years, -0.12 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for PNW?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
A reading of 0.08 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: PNW correlations · SPY correlations
