POWL vs SPY: Correlation
How closely do Powell Industries, Inc. (POWL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are POWL and SPY?
Over the past 3 years, POWL and SPY moved with a correlation of 0.39, which is moderate. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 408.2 %².
Among the 11 assets we track against POWL, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months POWL outperformed by 90.4 percentage points (+111.0% for POWL against +20.6% for SPY). Risk is not evenly split, since POWL carries 4.9 times the volatility of the other side.
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.
POWL vs SPY: side by side
| POWL (Powell Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +111.0% | +20.6% |
| 5-year return | +2360.3% | +82.4% |
| Volatility (ann.) | 71.5% | 14.5% |
| Beta vs S&P 500 | 1.95 | 1.00 |
| Max drawdown (3Y) | -55.8% | -18.8% |
| Market cap | $7.0B | – |
| P/E (trailing) | 36.8 | – |
| Dividend yield | 0.19% | 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 | POWL | SPY |
|---|---|---|
| 2022 | +24.3% | -18.2% |
| 2023 | +155.6% | +26.2% |
| 2024 | +152.2% | +24.9% |
| 2025 | +44.5% | +17.7% |
| 2026 | +81.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are POWL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between POWL and SPY?
The POWL/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.34, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for POWL?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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: POWL correlations · SPY correlations
