SPGI vs WAY: Correlation
How closely do S&P Global (SPGI) and Waystar Holding Corp. (WAY) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPGI and WAY?
On 3 years of weekly data the SPGI/WAY correlation comes out at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 599.9 %².
Among the 40 assets we track against SPGI, WAY ranks #20 by 3-year correlation. The last year tells two different stories: SPGI led by 16.5 percentage points, -15.6% for SPGI against -32.1% for WAY. Note the risk asymmetry: WAY runs 1.8 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.
SPGI vs WAY: side by side
| SPGI (S&P Global) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -15.6% | -32.1% |
| 5-year return | +8.1% | n/a |
| Volatility (ann.) | 24.7% | 43.8% |
| Beta vs S&P 500 | 0.86 | 1.07 |
| Max drawdown (3Y) | -30.5% | -61.8% |
| Market cap | $128.4B | $4.8B |
| P/E (trailing) | 26.6 | 34.6 |
| Dividend yield | 0.88% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | SPGI | WAY |
|---|---|---|
| 2022 | -28.4% | – |
| 2023 | +32.8% | – |
| 2024 | +13.9% | – |
| 2025 | +5.7% | -10.8% |
| 2026 | -11.3% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPGI and WAY good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPGI and WAY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.56 over the last year and n/a over 5 years.
Is WAY a good diversifier for SPGI?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spgi-vs-way.json
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Related comparisons
Hubs: SPGI correlations · WAY correlations
