SPY vs WAFD: Correlation
SPDR S&P 500 ETF Trust (SPY) and WaFd, Inc. (WAFD) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WAFD?
On 3 years of weekly data the SPY/WAFD correlation comes out at 0.35, moderate. Recent behaviour matches the longer record: 0.28 over 1 year against 0.35 over 3. The 5-year figure is 0.39, and annualized covariance runs at 146.4 %².
Among the 4755 assets we track against SPY, WAFD ranks #1715 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +16.9% for WAFD. Risk is not evenly split, since WAFD carries 2.0 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 WAFD: side by side
| SPY (SPDR S&P 500 ETF Trust) | WAFD (WaFd, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +16.9% |
| 5-year return | +82.4% | +28.1% |
| Volatility (ann.) | 14.5% | 28.8% |
| Beta vs S&P 500 | 1.00 | 0.70 |
| Max drawdown (3Y) | -18.8% | -34.6% |
| Market cap | – | $2.7B |
| P/E (trailing) | – | 11.4 |
| Dividend yield | 1.01% | 2.95% |
| 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 | WAFD |
|---|---|---|
| 2022 | -18.2% | +3.4% |
| 2023 | +26.2% | +1.7% |
| 2024 | +24.9% | +1.1% |
| 2025 | +17.7% | +3.0% |
| 2026 | +13.7% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WAFD good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WAFD?
The SPY/WAFD correlation stands at 0.35 on a 3-year window (1 year: 0.28, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is WAFD a good diversifier for SPY?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 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-wafd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wafd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · WAFD correlations
