RDWR vs SPY: Correlation
How closely do Radware Ltd. (RDWR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RDWR and SPY?
On 3 years of weekly data the RDWR/SPY correlation comes out at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.19) runs below the 3-year figure (0.33). The 5-year figure is 0.42, and annualized covariance runs at 176.9 %².
Out of 10 assets tracked against RDWR, SPY lands near the bottom at #6. Over the last 12 months SPY came out ahead by 5.7 percentage points (+14.9% against +20.6%). One caveat on sizing: RDWR is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RDWR vs SPY: side by side
| RDWR (Radware Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.9% | +20.6% |
| 5-year return | -13.5% | +82.4% |
| Volatility (ann.) | 36.7% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -29.4% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 75.8 | – |
| 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 | RDWR | SPY |
|---|---|---|
| 2022 | -52.6% | -18.2% |
| 2023 | -15.5% | +26.2% |
| 2024 | +35.1% | +24.9% |
| 2025 | +6.9% | +17.7% |
| 2026 | +22.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RDWR and SPY good diversifiers for each other?
Reasonably. At 0.33, RDWR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RDWR and SPY?
The RDWR/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.19, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RDWR?
Reasonably. At 0.33, RDWR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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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Related comparisons
Hubs: RDWR correlations · SPY correlations
