SMWB vs SPSC: Correlation
Measured on weekly returns over the past three years, Similarweb Ltd. (SMWB) and SPS Commerce, Inc. (SPSC) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMWB and SPSC?
Across a 3-year window, the weekly returns of SMWB and SPSC correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.44, with an annualized covariance of 1379.6 %².
Few assets follow SMWB as closely as SPSC, which ranks #3 of 13 tracked partners. Their recent paths diverged sharply: over the last 12 months SMWB outperformed by 19.5 percentage points (-5.9% for SMWB against -25.4% for SPSC). One caveat on sizing: SMWB is 1.5 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.
SMWB vs SPSC: side by side
| SMWB (Similarweb Ltd.) | SPSC (SPS Commerce, Inc.) | |
|---|---|---|
| 1-year return | -5.9% | -25.4% |
| 5-year return | -52.1% | -38.6% |
| Volatility (ann.) | 68.1% | 44.2% |
| Beta vs S&P 500 | 0.91 | 1.10 |
| Max drawdown (3Y) | -86.7% | -76.8% |
| Market cap | $0.8B | $3.0B |
| P/E (trailing) | – | 40.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SMWB | SPSC |
|---|---|---|
| 2022 | -64.1% | -9.8% |
| 2023 | -17.1% | +50.9% |
| 2024 | +165.9% | -5.1% |
| 2025 | -47.1% | -51.6% |
| 2026 | +22.7% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMWB and SPSC 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 SMWB and SPSC?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.55 over the last year and 0.44 over 5 years.
Is SPSC a good diversifier for SMWB?
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: SMWB correlations · SPSC correlations
