SHW vs SPY: Correlation
How closely do Sherwin-Williams (SHW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHW and SPY?
On 3 years of weekly data the SHW/SPY correlation comes out at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.46). The 5-year figure is 0.55, and annualized covariance runs at 164.4 %².
By 3-year correlation, SPY places #41 of the 60 assets tracked against SHW. Correlation aside, the last 12 months split them widely, with SPY ahead by 25.7 points (-5.1% versus +20.6%). This link changes with the market regime, having swung between 0.21 and 0.80 on a rolling one-year basis. One caveat on sizing: SHW is 1.7 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.
SHW vs SPY: side by side
| SHW (Sherwin-Williams) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.1% | +20.6% |
| 5-year return | +18.3% | +82.4% |
| Volatility (ann.) | 24.6% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -25.7% | -18.8% |
| Market cap | $83.8B | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.91% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | SHW | SPY |
|---|---|---|
| 2022 | -32.0% | -18.2% |
| 2023 | +32.7% | +26.2% |
| 2024 | +9.9% | +24.9% |
| 2025 | -3.8% | +17.7% |
| 2026 | +7.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds SHW at a 0.12% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SHW and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SHW and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.31 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for SHW?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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: SHW correlations · SPY correlations
