GWAV vs SPY: Correlation
Greenwave Technology Solutions, Inc. (GWAV) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWAV and SPY?
Over the past 3 years, GWAV and SPY moved with a correlation of 0.17, which is weak. The link has tightened recently: the 1-year correlation (0.44) runs above the 3-year figure (0.17). Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 506.8 %².
Out of 12 assets tracked against GWAV, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 64.5 percentage points (-43.9% for GWAV against +20.6% for SPY). One caveat on sizing: GWAV is 14.4 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.
GWAV vs SPY: side by side
| GWAV (Greenwave Technology Solutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -43.9% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 209.4% | 14.5% |
| Beta vs S&P 500 | 2.43 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | GWAV | SPY |
|---|---|---|
| 2022 | -93.8% | -18.2% |
| 2023 | -35.9% | +26.2% |
| 2024 | -99.2% | +24.9% |
| 2025 | -93.2% | +17.7% |
| 2026 | -17.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWAV and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between GWAV and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with 0.44 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for GWAV?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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: GWAV correlations · SPY correlations
