NWL vs SPY: Correlation
Newell Brands Inc. (NWL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWL and SPY?
Across a 3-year window, the weekly returns of NWL and SPY correlate at 0.27, weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 240.8 %².
SPY is close to the least connected end of NWL's tracked universe, ranking #11 of 15. The last year tells two different stories: SPY led by 15.0 percentage points, +5.6% for NWL against +20.6% for SPY. Note the risk asymmetry: NWL runs 4.3 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.
NWL vs SPY: side by side
| NWL (Newell Brands Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.6% | +20.6% |
| 5-year return | -70.7% | +82.4% |
| Volatility (ann.) | 62.8% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -72.3% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.70% | 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 | NWL | SPY |
|---|---|---|
| 2022 | -37.0% | -18.2% |
| 2023 | -30.9% | +26.2% |
| 2024 | +19.0% | +24.9% |
| 2025 | -60.5% | +17.7% |
| 2026 | +63.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWL and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NWL and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.23 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for NWL?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
A reading of 0.27 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: NWL correlations · SPY correlations
