PUMP vs SPY: Correlation
Measured on weekly returns over the past three years, ProPetro Holding Corp. (PUMP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PUMP and SPY?
Over the past 3 years, PUMP and SPY moved with a correlation of 0.16, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.16 over 3 years. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 151.9 %².
Among the 28 assets we track against PUMP, SPY ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PUMP ahead by 107.6 points (+128.2% versus +20.6%). Risk is not evenly split, since PUMP carries 4.5 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.
PUMP vs SPY: side by side
| PUMP (ProPetro Holding Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +128.2% | +20.6% |
| 5-year return | +45.4% | +82.4% |
| Volatility (ann.) | 65.1% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -59.1% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| 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 | PUMP | SPY |
|---|---|---|
| 2022 | +28.0% | -18.2% |
| 2023 | -19.2% | +26.2% |
| 2024 | +11.3% | +24.9% |
| 2025 | +1.9% | +17.7% |
| 2026 | +17.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PUMP and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, PUMP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PUMP and SPY?
The PUMP/SPY correlation stands at 0.16 on a 3-year window (1 year: -0.03, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PUMP?
Yes. With a correlation of 0.16, PUMP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 mean?
A reading of 0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: PUMP correlations · SPY correlations
