PRPL vs SPY: Correlation
Measured on weekly returns over the past three years, Purple Innovation, Inc. (PRPL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PRPL and SPY?
On 3 years of weekly data the PRPL/SPY correlation comes out at -0.02, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.08 over 1 year against -0.02 over 3. The 5-year figure is -0.00, and annualized covariance runs at -525.0 %².
Out of 10 assets tracked against PRPL, SPY lands near the bottom at #6. The last year tells two different stories: PRPL led by 283.9 percentage points, +304.5% for PRPL against +20.6% for SPY. One caveat on sizing: PRPL is 101.1 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.
PRPL vs SPY: side by side
| PRPL (Purple Innovation, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +304.5% | +20.6% |
| 5-year return | -82.0% | +82.4% |
| Volatility (ann.) | 1465.4% | 14.5% |
| Beta vs S&P 500 | -2.51 | 1.00 |
| Max drawdown (3Y) | -87.4% | -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 | PRPL | SPY |
|---|---|---|
| 2022 | -63.9% | -18.2% |
| 2023 | -78.3% | +26.2% |
| 2024 | -24.3% | +24.9% |
| 2025 | -11.4% | +17.7% |
| 2026 | +549.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PRPL and SPY good diversifiers for each other?
Yes: at -0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PRPL and SPY?
The PRPL/SPY correlation stands at -0.02 on a 3-year window (1 year: -0.08, 5 years: -0.00), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PRPL?
Yes: at -0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.02 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: PRPL correlations · SPY correlations
