PPL vs SPY: Correlation
Measured on weekly returns over the past three years, PPL Corporation (PPL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPL and SPY?
Across a 3-year window, the weekly returns of PPL and SPY correlate at 0.11, weak. Lately the two have drifted apart, with the 1-year correlation at -0.09 versus 0.11 over 3 years. Stretching to 5 years gives 0.34, with an annualized covariance of 27.0 %².
Within PPL's tracked universe of 44 assets, SPY comes in at #33 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.6 percentage points (-3.0% for PPL against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between -0.12 and 0.50 over the past three years, so this pair behaves very differently depending on the market environment.
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.
PPL vs SPY: side by side
| PPL (PPL Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.0% | +20.6% |
| 5-year return | +41.1% | +82.4% |
| Volatility (ann.) | 17.4% | 14.5% |
| Beta vs S&P 500 | 0.13 | 1.00 |
| Max drawdown (3Y) | -13.3% | -18.8% |
| Market cap | $25.9B | – |
| P/E (trailing) | 20.7 | – |
| Dividend yield | 3.18% | 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 | PPL | SPY |
|---|---|---|
| 2022 | +0.4% | -18.2% |
| 2023 | -3.8% | +26.2% |
| 2024 | +24.0% | +24.9% |
| 2025 | +11.4% | +17.7% |
| 2026 | -0.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between PPL and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with -0.09 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for PPL?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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: PPL correlations · SPY correlations
