GWRS vs SPY: Correlation
How closely do Global Water Resources, Inc. (GWRS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWRS and SPY?
On 3 years of weekly data the GWRS/SPY correlation comes out at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.34). The 5-year figure is 0.37, and annualized covariance runs at 140.0 %².
Among the 11 assets we track against GWRS, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 22.2 percentage points, -1.6% for GWRS against +20.6% for SPY. Note the risk asymmetry: GWRS runs 2.0 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.
GWRS vs SPY: side by side
| GWRS (Global Water Resources, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.6% | +20.6% |
| 5-year return | -47.4% | +82.4% |
| Volatility (ann.) | 28.4% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -48.4% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 83.4 | – |
| Dividend yield | 3.28% | 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 | GWRS | SPY |
|---|---|---|
| 2022 | -20.7% | -18.2% |
| 2023 | +1.0% | +26.2% |
| 2024 | -10.0% | +24.9% |
| 2025 | -24.4% | +17.7% |
| 2026 | +11.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWRS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GWRS and SPY?
The GWRS/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.17, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GWRS?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 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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Hubs: GWRS correlations · SPY correlations
