POWW vs SPY: Correlation
Outdoor Holding Company (POWW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are POWW and SPY?
Over the past 3 years, POWW and SPY moved with a correlation of 0.24, which is weak. Recent behaviour matches the longer record: 0.30 over 1 year against 0.24 over 3. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 194.0 %².
Among the 11 assets we track against POWW, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with POWW ahead by 25.4 points (+46.0% versus +20.6%). Note the risk asymmetry: POWW runs 3.8 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.
POWW vs SPY: side by side
| POWW (Outdoor Holding Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.0% | +20.6% |
| 5-year return | -70.6% | +82.4% |
| Volatility (ann.) | 54.9% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -67.5% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 109.5 | – |
| 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 | POWW | SPY |
|---|---|---|
| 2022 | -68.3% | -18.2% |
| 2023 | +21.4% | +26.2% |
| 2024 | -47.6% | +24.9% |
| 2025 | +55.5% | +17.7% |
| 2026 | +28.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are POWW and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between POWW and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.30 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for POWW?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 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: POWW correlations · SPY correlations
