SPY vs WAFU: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Wah Fu Education Group Limited (WAFU) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WAFU?
On 3 years of weekly data the SPY/WAFU correlation comes out at 0.21, weak. The relationship has been stable: the 1-year correlation (0.20) sits close to the 3-year figure. The 5-year figure is 0.21, and annualized covariance runs at 127.4 %².
Among the 4755 assets we track against SPY, WAFU ranks #3195 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 23.5 points (+20.6% versus -2.9%). Risk is not evenly split, since WAFU carries 2.9 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 WAFU: side by side
| SPY (SPDR S&P 500 ETF Trust) | WAFU (Wah Fu Education Group Limited) | |
|---|---|---|
| 1-year return | +20.6% | -2.9% |
| 5-year return | +82.4% | -79.7% |
| Volatility (ann.) | 14.5% | 42.3% |
| Beta vs S&P 500 | 1.00 | 0.61 |
| Max drawdown (3Y) | -18.8% | -55.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | WAFU |
|---|---|---|
| 2022 | -18.2% | -43.4% |
| 2023 | +26.2% | -4.2% |
| 2024 | +24.9% | -22.4% |
| 2025 | +17.7% | -7.1% |
| 2026 | +13.7% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WAFU good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WAFU?
The SPY/WAFU correlation stands at 0.21 on a 3-year window (1 year: 0.20, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is WAFU a good diversifier for SPY?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
A reading of 0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wafu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wafu/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · WAFU correlations
