SPY vs SWIM: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Latham Group, Inc. (SWIM) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SWIM?
Over the past 3 years, SPY and SWIM moved with a correlation of 0.34, which is moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 355.0 %².
Within SPY's tracked universe of 4755 assets, SWIM comes in at #1807 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.7 percentage points (+20.6% for SPY against -15.1% for SWIM). Note the risk asymmetry: SWIM runs 5.0 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.
SPY vs SWIM: side by side
| SPY (SPDR S&P 500 ETF Trust) | SWIM (Latham Group, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -15.1% |
| 5-year return | +82.4% | -68.5% |
| Volatility (ann.) | 14.5% | 72.5% |
| Beta vs S&P 500 | 1.00 | 1.70 |
| Max drawdown (3Y) | -18.8% | -44.5% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 139.6 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | SWIM |
|---|---|---|
| 2022 | -18.2% | -87.1% |
| 2023 | +26.2% | -18.3% |
| 2024 | +24.9% | +164.6% |
| 2025 | +17.7% | -8.8% |
| 2026 | +13.7% | +9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SWIM good diversifiers for each other?
Reasonably. At 0.34, SPY and SWIM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SWIM?
As of 2026-08-27, the correlation of weekly returns between SPY and SWIM is 0.34 over 3 years, 0.42 over 1 year and 0.40 over 5 years.
Is SWIM a good diversifier for SPY?
Reasonably. At 0.34, SPY and SWIM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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-swim.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-swim/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · SWIM correlations
