GWW vs SPY: Correlation
W. W. Grainger (GWW) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWW and SPY?
On 3 years of weekly data the GWW/SPY correlation comes out at 0.46, moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.46). The 5-year figure is 0.54, and annualized covariance runs at 155.2 %².
Among the 29 assets we track against GWW, SPY ranks #16 by 3-year correlation. Over the last 12 months GWW came out ahead by 10.4 percentage points (+31.0% against +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.10 and 0.66 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: GWW runs 1.6 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.
GWW vs SPY: side by side
| GWW (W. W. Grainger) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.0% | +20.6% |
| 5-year return | +219.4% | +82.4% |
| Volatility (ann.) | 23.3% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -24.5% | -18.8% |
| Market cap | $62.2B | – |
| P/E (trailing) | 34.0 | – |
| Dividend yield | 0.69% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | GWW | SPY |
|---|---|---|
| 2022 | +8.7% | -18.2% |
| 2023 | +50.5% | +26.2% |
| 2024 | +28.2% | +24.9% |
| 2025 | -3.4% | +17.7% |
| 2026 | +31.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GWW represents 0.09% of SPY's portfolio, so part of any move in SPY is GWW itself, and the correlation between them is partly mechanical.
Are GWW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GWW and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.11 over the last year and 0.54 over 5 years.
Is SPY a good diversifier for GWW?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: GWW correlations · SPY correlations
