SPY vs SWVL: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Swvl Holdings Corp (SWVL) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SWVL?
Over the past 3 years, SPY and SWVL moved with a correlation of 0.14, which is weak. Little has changed lately, as the 1-year reading of 0.24 lands near the 3-year figure. Over 5 years the correlation is 0.11, and the annualized covariance of weekly returns is 250.0 %².
Within SPY's tracked universe of 4755 assets, SWVL comes in at #3818 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 58.0 percentage points (+20.6% for SPY against -37.4% for SWVL). One caveat on sizing: SWVL is 8.4 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 SWVL: side by side
| SPY (SPDR S&P 500 ETF Trust) | SWVL (Swvl Holdings Corp) | |
|---|---|---|
| 1-year return | +20.6% | -37.4% |
| 5-year return | +82.4% | -99.1% |
| Volatility (ann.) | 14.5% | 122.0% |
| Beta vs S&P 500 | 1.00 | 1.20 |
| Max drawdown (3Y) | -18.8% | -92.3% |
| Market cap | – | – |
| P/E (trailing) | – | 18.4 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SWVL |
|---|---|---|
| 2022 | -18.2% | -98.6% |
| 2023 | +26.2% | -51.1% |
| 2024 | +24.9% | +281.3% |
| 2025 | +17.7% | -70.2% |
| 2026 | +13.7% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SWVL good diversifiers for each other?
Yes. With a correlation of 0.14, SPY and SWVL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and SWVL?
As of 2026-08-27, the correlation of weekly returns between SPY and SWVL is 0.14 over 3 years, 0.24 over 1 year and 0.11 over 5 years.
Is SWVL a good diversifier for SPY?
Yes. With a correlation of 0.14, SPY and SWVL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 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-swvl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-swvl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · SWVL correlations
