SPY vs SWBI: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Smith & Wesson Brands, Inc. (SWBI) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SWBI?
Over the past 3 years, SPY and SWBI moved with a correlation of 0.11, which is weak. The relationship has been stable: the 1-year correlation (0.04) sits close to the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 63.5 %².
Among the 4755 assets we track against SPY, SWBI ranks #4045 by 3-year correlation. The last year tells two different stories: SWBI led by 45.8 percentage points, +20.6% for SPY against +66.4% for SWBI. Risk is not evenly split, since SWBI carries 2.7 times the volatility of the other side.
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 SWBI: side by side
| SPY (SPDR S&P 500 ETF Trust) | SWBI (Smith & Wesson Brands, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +66.4% |
| 5-year return | +82.4% | -34.9% |
| Volatility (ann.) | 14.5% | 39.8% |
| Beta vs S&P 500 | 1.00 | 0.30 |
| Max drawdown (3Y) | -18.8% | -54.2% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 32.7 |
| Dividend yield | 1.01% | 3.89% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SWBI |
|---|---|---|
| 2022 | -18.2% | -49.6% |
| 2023 | +26.2% | +62.2% |
| 2024 | +24.9% | -22.5% |
| 2025 | +17.7% | +3.1% |
| 2026 | +13.7% | +34.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SWBI good diversifiers for each other?
Yes. With a correlation of 0.11, SPY and SWBI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and SWBI?
The SPY/SWBI correlation stands at 0.11 on a 3-year window (1 year: 0.04, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SWBI a good diversifier for SPY?
Yes. With a correlation of 0.11, SPY and SWBI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 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/spy-vs-swbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-swbi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · SWBI correlations
