FINW vs SPY: Correlation
FinWise Bancorp (FINW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FINW and SPY?
Across a 3-year window, the weekly returns of FINW and SPY correlate at 0.21, weak. The link has loosened recently: the 1-year correlation (0.06) runs below the 3-year figure (0.21). Stretching to 5 years gives 0.20, with an annualized covariance of 112.7 %².
SPY is close to the least connected end of FINW's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 49.1 points (-28.5% versus +20.6%). One caveat on sizing: FINW is 2.6 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.
FINW vs SPY: side by side
| FINW (FinWise Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -28.5% | +20.6% |
| 5-year return | +9.2% | +82.4% |
| Volatility (ann.) | 37.8% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -42.3% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 14.6 | – |
| 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 | FINW | SPY |
|---|---|---|
| 2022 | -32.8% | -18.2% |
| 2023 | +54.5% | +26.2% |
| 2024 | +11.7% | +24.9% |
| 2025 | +12.3% | +17.7% |
| 2026 | -22.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FINW and SPY good diversifiers for each other?
Reasonably. At 0.21, FINW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FINW and SPY?
The FINW/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.06, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FINW?
Reasonably. At 0.21, FINW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: FINW correlations · SPY correlations
