PZZA vs SPY: Correlation
How closely do Papa John's International, Inc. (PZZA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PZZA and SPY?
On 3 years of weekly data the PZZA/SPY correlation comes out at 0.25, weak. Little has changed lately, as the 1-year reading of 0.19 lands near the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 174.0 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against PZZA. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 70.9 percentage points (-50.3% for PZZA against +20.6% for SPY). Note the risk asymmetry: PZZA runs 3.3 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.
PZZA vs SPY: side by side
| PZZA (Papa John's International, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -50.3% | +20.6% |
| 5-year return | -78.5% | +82.4% |
| Volatility (ann.) | 48.3% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -66.8% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 7.79% | 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 | PZZA | SPY |
|---|---|---|
| 2022 | -37.3% | -18.2% |
| 2023 | -5.3% | +26.2% |
| 2024 | -44.2% | +24.9% |
| 2025 | -2.0% | +17.7% |
| 2026 | -38.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PZZA and SPY good diversifiers for each other?
Reasonably. At 0.25, PZZA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PZZA and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.19 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for PZZA?
Reasonably. At 0.25, PZZA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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: PZZA correlations · SPY correlations
