SPY vs WAL: Correlation
SPDR S&P 500 ETF Trust (SPY) and Western Alliance Bancorporation (WAL) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WAL?
On 3 years of weekly data the SPY/WAL correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.39) than the 3-year average (0.55). The 5-year figure is 0.48, and annualized covariance runs at 315.8 %².
By 3-year correlation, WAL places #292 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 29.9 percentage points, +20.6% for SPY against -9.3% for WAL. Risk is not evenly split, since WAL carries 2.7 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 WAL: side by side
| SPY (SPDR S&P 500 ETF Trust) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +20.6% | -9.3% |
| 5-year return | +82.4% | -9.7% |
| Volatility (ann.) | 14.5% | 39.5% |
| Beta vs S&P 500 | 1.00 | 1.51 |
| Max drawdown (3Y) | -18.8% | -36.0% |
| Market cap | – | $8.6B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 1.01% | 2.06% |
| 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 | WAL |
|---|---|---|
| 2022 | -18.2% | -43.7% |
| 2023 | +26.2% | +14.1% |
| 2024 | +24.9% | +29.7% |
| 2025 | +17.7% | +2.5% |
| 2026 | +13.7% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WAL good diversifiers for each other?
Only partially. A correlation of 0.55 means SPY and WAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and WAL?
The SPY/WAL correlation stands at 0.55 on a 3-year window (1 year: 0.39, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is WAL a good diversifier for SPY?
Only partially. A correlation of 0.55 means SPY and WAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 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 · WAL correlations
