PTLO vs SPY: Correlation
How closely do Portillo's Inc. (PTLO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTLO and SPY?
Over the past 3 years, PTLO and SPY moved with a correlation of 0.23, which is weak. The past 12 months show a weaker link (0.06) than the 3-year average (0.23). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 170.7 %².
Among the 11 assets we track against PTLO, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 56.6 points (-36.0% versus +20.6%). One caveat on sizing: PTLO is 3.6 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.
PTLO vs SPY: side by side
| PTLO (Portillo's Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.0% | +20.6% |
| 5-year return | -84.6% | +82.4% |
| Volatility (ann.) | 52.1% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -79.5% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 24.9 | – |
| 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 | PTLO | SPY |
|---|---|---|
| 2022 | -56.5% | -18.2% |
| 2023 | -2.4% | +26.2% |
| 2024 | -41.0% | +24.9% |
| 2025 | -51.7% | +17.7% |
| 2026 | -1.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTLO and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PTLO and SPY?
The PTLO/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.06, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PTLO?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: PTLO correlations · SPY correlations
