GWRE vs SPY: Correlation
Measured on weekly returns over the past three years, Guidewire Software, Inc. (GWRE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWRE and SPY?
On 3 years of weekly data the GWRE/SPY correlation comes out at 0.26, weak. The link has loosened recently: the 1-year correlation (0.13) runs below the 3-year figure (0.26). The 5-year figure is 0.40, and annualized covariance runs at 172.4 %².
By 3-year correlation, SPY places #13 of the 18 assets tracked against GWRE. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.7 percentage points (-7.1% for GWRE against +20.6% for SPY). Risk is not evenly split, since GWRE carries 3.1 times the volatility of the other side.
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.
GWRE vs SPY: side by side
| GWRE (Guidewire Software, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.1% | +20.6% |
| 5-year return | +68.2% | +82.4% |
| Volatility (ann.) | 45.6% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -60.8% | -18.8% |
| Market cap | $16.7B | – |
| P/E (trailing) | 103.1 | – |
| 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 | GWRE | SPY |
|---|---|---|
| 2022 | -44.9% | -18.2% |
| 2023 | +74.3% | +26.2% |
| 2024 | +54.6% | +24.9% |
| 2025 | +19.2% | +17.7% |
| 2026 | +0.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWRE and SPY good diversifiers for each other?
Reasonably. At 0.26, GWRE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GWRE and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.13 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for GWRE?
Reasonably. At 0.26, GWRE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gwre-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gwre-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GWRE correlations · SPY correlations
