SPY vs SW: Correlation
SPDR S&P 500 ETF Trust (SPY) and Smurfit Westrock (SW) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SW?
On 3 years of weekly data the SPY/SW correlation comes out at 0.33, moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.33). The 5-year figure is 0.42, and annualized covariance runs at 193.1 %².
Among the 4755 assets we track against SPY, SW ranks #1908 by 3-year correlation. Over the last 12 months SPY came out ahead by 10.9 percentage points (+20.6% against +9.7%). On a rolling one-year basis the correlation drifted between 0.12 and 0.53, a moderate band. One caveat on sizing: SW is 2.8 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.
SPY vs SW: side by side
| SPY (SPDR S&P 500 ETF Trust) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | +20.6% | +9.7% |
| 5-year return | +82.4% | +2.6% |
| Volatility (ann.) | 14.5% | 40.1% |
| Beta vs S&P 500 | 1.00 | 0.92 |
| Max drawdown (3Y) | -18.8% | -40.5% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 51.7 |
| Dividend yield | 1.01% | 3.57% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Materials |
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 | SPY | SW |
|---|---|---|
| 2022 | -18.2% | -28.0% |
| 2023 | +26.2% | +14.1% |
| 2024 | +24.9% | +37.6% |
| 2025 | +17.7% | -26.2% |
| 2026 | +13.7% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SW good diversifiers for each other?
Reasonably. At 0.33, SPY and SW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SW?
The SPY/SW correlation stands at 0.33 on a 3-year window (1 year: 0.13, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SW a good diversifier for SPY?
Reasonably. At 0.33, SPY and SW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · SW correlations
