PZG vs SPY: Correlation
Paramount Gold Nevada Corp. (PZG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PZG and SPY?
Over the past 3 years, PZG and SPY moved with a correlation of 0.12, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.27 versus 0.12 over 3 years. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 105.5 %².
Out of 10 assets tracked against PZG, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with PZG ahead by 37.3 points (+57.9% versus +20.6%). One caveat on sizing: PZG is 4.2 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.
PZG vs SPY: side by side
| PZG (Paramount Gold Nevada Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.9% | +20.6% |
| 5-year return | +73.0% | +82.4% |
| Volatility (ann.) | 60.9% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -60.3% | -18.8% |
| Market cap | – | – |
| 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 | PZG | SPY |
|---|---|---|
| 2022 | -50.6% | -18.2% |
| 2023 | +8.7% | +26.2% |
| 2024 | -8.8% | +24.9% |
| 2025 | +268.4% | +17.7% |
| 2026 | +19.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PZG and SPY good diversifiers for each other?
Yes. With a correlation of 0.12, PZG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PZG and SPY?
As of 2026-08-27, the correlation of weekly returns between PZG and SPY is 0.12 over 3 years, 0.27 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for PZG?
Yes. With a correlation of 0.12, PZG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 mean?
A reading of 0.12 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: PZG correlations · SPY correlations
