PSHG vs SPY: Correlation
Measured on weekly returns over the past three years, Performance Shipping Inc. (PSHG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PSHG and SPY?
Over the past 3 years, PSHG and SPY moved with a correlation of 0.05, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.10) sits close to the 3-year figure. Over 5 years the correlation is 0.02, and the annualized covariance of weekly returns is 32.8 %².
Among the 10 assets we track against PSHG, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: SPY led by 32.3 percentage points, -11.7% for PSHG against +20.6% for SPY. Risk is not evenly split, since PSHG carries 3.0 times the volatility of the other side.
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.
PSHG vs SPY: side by side
| PSHG (Performance Shipping Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -11.7% | +20.6% |
| 5-year return | -97.7% | +82.4% |
| Volatility (ann.) | 44.0% | 14.5% |
| Beta vs S&P 500 | 0.16 | 1.00 |
| Max drawdown (3Y) | -45.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 1.9 | – |
| 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 | PSHG | SPY |
|---|---|---|
| 2022 | -93.6% | -18.2% |
| 2023 | -35.9% | +26.2% |
| 2024 | -18.1% | +24.9% |
| 2025 | +14.5% | +17.7% |
| 2026 | -20.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PSHG and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between PSHG and SPY?
The PSHG/SPY correlation stands at 0.05 on a 3-year window (1 year: 0.10, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PSHG?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 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: PSHG correlations · SPY correlations
