PSX vs SPY: Correlation
Phillips 66 (PSX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PSX and SPY?
On 3 years of weekly data the PSX/SPY correlation comes out at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at -0.30 versus 0.25 over 3 years. The 5-year figure is 0.27, and annualized covariance runs at 121.2 %².
Within PSX's tracked universe of 34 assets, SPY comes in at #23 by 3-year correlation. The last year tells two different stories: PSX led by 65.6 percentage points, +86.2% for PSX against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.31 to 0.66. One caveat on sizing: PSX is 2.3 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.
PSX vs SPY: side by side
| PSX (Phillips 66) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +86.2% | +20.6% |
| 5-year return | +301.8% | +82.4% |
| Volatility (ann.) | 33.4% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -44.4% | -18.8% |
| Market cap | $96.1B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 2.04% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | PSX | SPY |
|---|---|---|
| 2022 | +49.6% | -18.2% |
| 2023 | +33.1% | +26.2% |
| 2024 | -11.6% | +24.9% |
| 2025 | +17.5% | +17.7% |
| 2026 | +89.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds PSX at a 0.15% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are PSX and SPY good diversifiers for each other?
Reasonably. At 0.25, PSX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PSX and SPY?
The PSX/SPY correlation stands at 0.25 on a 3-year window (1 year: -0.30, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PSX?
Reasonably. At 0.25, PSX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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: PSX correlations · SPY correlations
