PSKY vs SPY: Correlation
Paramount Skydance Corporation (PSKY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PSKY and SPY?
Over the past 3 years, PSKY and SPY moved with a correlation of 0.24, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.44 versus 0.24 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 192.0 %².
Within PSKY's tracked universe of 32 assets, SPY comes in at #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 46.5 points (-25.9% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.01 to 0.69. Note the risk asymmetry: PSKY runs 3.8 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.
PSKY vs SPY: side by side
| PSKY (Paramount Skydance Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.9% | +20.6% |
| 5-year return | -69.8% | +82.4% |
| Volatility (ann.) | 54.4% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -59.9% | -18.8% |
| Market cap | $12.1B | – |
| P/E (trailing) | 360.0 | – |
| Dividend yield | 1.86% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | 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 | PSKY | SPY |
|---|---|---|
| 2022 | -41.8% | -18.2% |
| 2023 | -10.4% | +26.2% |
| 2024 | -28.0% | +24.9% |
| 2025 | +30.0% | +17.7% |
| 2026 | -18.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PSKY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PSKY and SPY?
As of 2026-08-27, the correlation of weekly returns between PSKY and SPY is 0.24 over 3 years, 0.44 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for PSKY?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 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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Hubs: PSKY correlations · SPY correlations
