PPG vs SPY: Correlation
How closely do PPG Industries (PPG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPG and SPY?
On 3 years of weekly data the PPG/SPY correlation comes out at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.51). The 5-year figure is 0.62, and annualized covariance runs at 187.9 %².
Within PPG's tracked universe of 67 assets, SPY comes in at #41 by 3-year correlation. The last year tells two different stories: SPY led by 16.8 percentage points, +3.8% for PPG against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.29 to 0.76. Note the risk asymmetry: PPG runs 1.8 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.
PPG vs SPY: side by side
| PPG (PPG Industries) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.8% | +20.6% |
| 5-year return | -22.0% | +82.4% |
| Volatility (ann.) | 25.5% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -37.4% | -18.8% |
| Market cap | $25.2B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.48% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | PPG | SPY |
|---|---|---|
| 2022 | -25.7% | -18.2% |
| 2023 | +21.2% | +26.2% |
| 2024 | -18.5% | +24.9% |
| 2025 | -12.0% | +17.7% |
| 2026 | +12.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPG and SPY good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PPG and SPY?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.28 over the last year and 0.62 over 5 years.
Is SPY a good diversifier for PPG?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 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: PPG correlations · SPY correlations
