PXS vs SPY: Correlation
How closely do Pyxis Tankers Inc. (PXS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PXS and SPY?
Across a 3-year window, the weekly returns of PXS and SPY correlate at 0.16, weak. Lately the two have drifted apart, with the 1-year correlation at -0.16 versus 0.16 over 3 years. Stretching to 5 years gives 0.08, with an annualized covariance of 87.2 %².
Among the 11 assets we track against PXS, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months PXS outperformed by 79.4 percentage points (+100.0% for PXS against +20.6% for SPY). Risk is not evenly split, since PXS carries 2.6 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.
PXS vs SPY: side by side
| PXS (Pyxis Tankers Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +100.0% | +20.6% |
| 5-year return | +92.9% | +82.4% |
| Volatility (ann.) | 37.9% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -54.5% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 15.4 | – |
| 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 | PXS | SPY |
|---|---|---|
| 2022 | +151.0% | -18.2% |
| 2023 | -13.5% | +26.2% |
| 2024 | -5.8% | +24.9% |
| 2025 | -28.5% | +17.7% |
| 2026 | +92.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PXS and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, PXS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PXS and SPY?
The PXS/SPY correlation stands at 0.16 on a 3-year window (1 year: -0.16, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PXS?
Yes. With a correlation of 0.16, PXS 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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Hubs: PXS correlations · SPY correlations
