BULL vs SPY: Correlation
How closely do Webull Corporation - Class A (BULL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BULL and SPY?
On 3 years of weekly data the BULL/SPY correlation comes out at 0.08, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.53 versus 0.08 over 3 years. The 5-year figure is 0.06, and annualized covariance runs at 87.8 %².
Among the 16 assets we track against BULL, SPY ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 54.3 points (-33.7% versus +20.6%). Note the risk asymmetry: BULL runs 5.5 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.
BULL vs SPY: side by side
| BULL (Webull Corporation - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 80.3% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -92.6% | -18.8% |
| Market cap | $5.1B | – |
| P/E (trailing) | 15.7 | – |
| 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 | BULL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +6.3% | +26.2% |
| 2024 | +7.4% | +24.9% |
| 2025 | -33.2% | +17.7% |
| 2026 | +23.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BULL and SPY good diversifiers for each other?
Yes. With a correlation of 0.08, BULL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BULL and SPY?
As of 2026-08-27, the correlation of weekly returns between BULL and SPY is 0.08 over 3 years, 0.53 over 1 year and 0.06 over 5 years.
Is SPY a good diversifier for BULL?
Yes. With a correlation of 0.08, BULL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 mean?
A reading of 0.08 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: BULL correlations · SPY correlations
