PTON vs SPY: Correlation
How closely do Peloton Interactive, Inc. (PTON) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTON and SPY?
On 3 years of weekly data the PTON/SPY correlation comes out at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 439.5 %².
Among the 12 assets we track against PTON, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 51.6 points (-31.0% versus +20.6%). Risk is not evenly split, since PTON carries 5.1 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.
PTON vs SPY: side by side
| PTON (Peloton Interactive, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -31.0% | +20.6% |
| 5-year return | -94.8% | +82.4% |
| Volatility (ann.) | 74.3% | 14.5% |
| Beta vs S&P 500 | 2.10 | 1.00 |
| Max drawdown (3Y) | -64.9% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 37.9 | – |
| 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 | PTON | SPY |
|---|---|---|
| 2022 | -77.8% | -18.2% |
| 2023 | -23.3% | +26.2% |
| 2024 | +42.9% | +24.9% |
| 2025 | -29.2% | +17.7% |
| 2026 | -14.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTON and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PTON and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.35 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for PTON?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: PTON correlations · SPY correlations
