PPTA vs SPY: Correlation
Measured on weekly returns over the past three years, Perpetua Resources Corp. (PPTA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPTA and SPY?
On 3 years of weekly data the PPTA/SPY correlation comes out at 0.16, weak. The past 12 months show a tighter link (0.36) than the 3-year average (0.16). The 5-year figure is 0.25, and annualized covariance runs at 178.5 %².
SPY is close to the least connected end of PPTA's tracked universe, ranking #8 of 11. The last year tells two different stories: PPTA led by 20.1 percentage points, +40.7% for PPTA against +20.6% for SPY. Note the risk asymmetry: PPTA runs 5.4 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.
PPTA vs SPY: side by side
| PPTA (Perpetua Resources Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.7% | +20.6% |
| 5-year return | +427.8% | +82.4% |
| Volatility (ann.) | 77.8% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -54.6% | -18.8% |
| Market cap | $3.3B | – |
| 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 | PPTA | SPY |
|---|---|---|
| 2022 | -38.5% | -18.2% |
| 2023 | +8.6% | +26.2% |
| 2024 | +236.6% | +24.9% |
| 2025 | +126.9% | +17.7% |
| 2026 | +8.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPTA and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between PPTA and SPY?
As of 2026-08-27, the correlation of weekly returns between PPTA and SPY is 0.16 over 3 years, 0.36 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for PPTA?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
On the −1 to +1 scale, 0.16 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: PPTA correlations · SPY correlations
