EWBC vs SPY: Correlation
East West Bancorp, Inc. (EWBC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWBC and SPY?
On 3 years of weekly data the EWBC/SPY correlation comes out at 0.49, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.49). The 5-year figure is 0.54, and annualized covariance runs at 214.7 %².
Within EWBC's tracked universe of 13 assets, SPY comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +25.0% for EWBC and +20.6% for SPY. One caveat on sizing: EWBC is 2.1 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.
EWBC vs SPY: side by side
| EWBC (East West Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.0% | +20.6% |
| 5-year return | +103.5% | +82.4% |
| Volatility (ann.) | 30.2% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -35.8% | -18.8% |
| Market cap | $17.8B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 2.15% | 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 | EWBC | SPY |
|---|---|---|
| 2022 | -14.4% | -18.2% |
| 2023 | +12.8% | +26.2% |
| 2024 | +36.8% | +24.9% |
| 2025 | +20.3% | +17.7% |
| 2026 | +17.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWBC and SPY good diversifiers for each other?
Reasonably. At 0.49, EWBC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EWBC and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.32 over the last year and 0.54 over 5 years.
Is SPY a good diversifier for EWBC?
Reasonably. At 0.49, EWBC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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: EWBC correlations · SPY correlations
