PRIM vs SPY: Correlation
How closely do Primoris Services Corporation (PRIM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PRIM and SPY?
Across a 3-year window, the weekly returns of PRIM and SPY correlate at 0.43, moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.43). Stretching to 5 years gives 0.45, with an annualized covariance of 312.3 %².
Among the 20 assets we track against PRIM, SPY ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 54.8 points (-34.2% versus +20.6%). One caveat on sizing: PRIM is 3.5 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.
PRIM vs SPY: side by side
| PRIM (Primoris Services Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.2% | +20.6% |
| 5-year return | +212.4% | +82.4% |
| Volatility (ann.) | 50.6% | 14.5% |
| Beta vs S&P 500 | 1.49 | 1.00 |
| Max drawdown (3Y) | -63.1% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 30.7 | – |
| Dividend yield | 0.41% | 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 | PRIM | SPY |
|---|---|---|
| 2022 | -7.5% | -18.2% |
| 2023 | +52.6% | +26.2% |
| 2024 | +131.1% | +24.9% |
| 2025 | +63.1% | +17.7% |
| 2026 | -37.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PRIM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PRIM and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.11 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for PRIM?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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: PRIM correlations · SPY correlations
