SPY vs SWX: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Southwest Gas Holdings, Inc. (SWX) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SWX?
Across a 3-year window, the weekly returns of SPY and SWX correlate at 0.24, weak. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.24). Stretching to 5 years gives 0.29, with an annualized covariance of 73.4 %².
Within SPY's tracked universe of 4755 assets, SWX comes in at #2884 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +17.7% for SWX.
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 SWX: side by side
| SPY (SPDR S&P 500 ETF Trust) | SWX (Southwest Gas Holdings, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +17.7% |
| 5-year return | +82.4% | +51.6% |
| Volatility (ann.) | 14.5% | 21.1% |
| Beta vs S&P 500 | 1.00 | 0.35 |
| Max drawdown (3Y) | -18.8% | -14.8% |
| Market cap | – | $6.5B |
| P/E (trailing) | – | 23.3 |
| Dividend yield | 1.01% | 2.76% |
| 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 | SWX |
|---|---|---|
| 2022 | -18.2% | -8.7% |
| 2023 | +26.2% | +6.6% |
| 2024 | +24.9% | +15.7% |
| 2025 | +17.7% | +16.9% |
| 2026 | +13.7% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SWX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and SWX?
As of 2026-08-27, the correlation of weekly returns between SPY and SWX is 0.24 over 3 years, 0.02 over 1 year and 0.29 over 5 years.
Is SWX a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · SWX correlations
