PWR vs SPY: Correlation
How closely do Quanta Services (PWR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PWR and SPY?
Over the past 3 years, PWR and SPY moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.28) than the 3-year average (0.55). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 270.5 %².
By 3-year correlation, SPY places #17 of the 33 assets tracked against PWR. Correlation aside, the last 12 months split them widely, with PWR ahead by 42.5 points (+63.1% versus +20.6%). On a rolling one-year basis the correlation drifted between 0.26 and 0.72, a moderate band. Note the risk asymmetry: PWR runs 2.3 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.
PWR vs SPY: side by side
| PWR (Quanta Services) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +63.1% | +20.6% |
| 5-year return | +506.1% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 1.29 | 1.00 |
| Max drawdown (3Y) | -33.9% | -18.8% |
| Market cap | $93.5B | – |
| P/E (trailing) | 70.4 | – |
| Dividend yield | 0.07% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | PWR | SPY |
|---|---|---|
| 2022 | +24.6% | -18.2% |
| 2023 | +51.7% | +26.2% |
| 2024 | +46.6% | +24.9% |
| 2025 | +33.7% | +17.7% |
| 2026 | +47.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.14% of SPY is PWR itself, so the fund partly moves with the stock by construction.
Are PWR and SPY good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PWR and SPY?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.28 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for PWR?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 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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Related comparisons
Hubs: PWR correlations · SPY correlations
