PPSI vs SPY: Correlation
Measured on weekly returns over the past three years, Pioneer Power Solutions, Inc. (PPSI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPSI and SPY?
On 3 years of weekly data the PPSI/SPY correlation comes out at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 434.8 %².
Out of 10 assets tracked against PPSI, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 35.1 points (-14.5% versus +20.6%). One caveat on sizing: PPSI is 4.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PPSI vs SPY: side by side
| PPSI (Pioneer Power Solutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.5% | +20.6% |
| 5-year return | -7.2% | +82.4% |
| Volatility (ann.) | 68.8% | 14.5% |
| Beta vs S&P 500 | 2.08 | 1.00 |
| Max drawdown (3Y) | -62.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | PPSI | SPY |
|---|---|---|
| 2022 | -64.3% | -18.2% |
| 2023 | +153.4% | +26.2% |
| 2024 | -19.4% | +24.9% |
| 2025 | +14.5% | +17.7% |
| 2026 | -37.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPSI and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PPSI and SPY?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.36 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for PPSI?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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: PPSI correlations · SPY correlations
