CHWY vs SPY: Correlation
Chewy, Inc. (CHWY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHWY and SPY?
On 3 years of weekly data the CHWY/SPY correlation comes out at 0.28, weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.28 over 3 years. The 5-year figure is 0.44, and annualized covariance runs at 208.3 %².
Among the 11 assets we track against CHWY, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 64.2 percentage points, -43.6% for CHWY against +20.6% for SPY. Note the risk asymmetry: CHWY runs 3.6 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.
CHWY vs SPY: side by side
| CHWY (Chewy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -43.6% | +20.6% |
| 5-year return | -74.7% | +82.4% |
| Volatility (ann.) | 51.6% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -63.7% | -18.8% |
| Market cap | $9.3B | – |
| P/E (trailing) | 38.0 | – |
| 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 | CHWY | SPY |
|---|---|---|
| 2022 | -37.1% | -18.2% |
| 2023 | -36.3% | +26.2% |
| 2024 | +41.7% | +24.9% |
| 2025 | -1.3% | +17.7% |
| 2026 | -31.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHWY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CHWY and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.09 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for CHWY?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 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: CHWY correlations · SPY correlations
