SPY vs WALD: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Waldencast plc - Class A (WALD) trade together? Their weekly returns over three years give a correlation of 0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WALD?
On 3 years of weekly data the SPY/WALD correlation comes out at 0.07, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.02) sits close to the 3-year figure. The 5-year figure is 0.03, and annualized covariance runs at 100.4 %².
Within SPY's tracked universe of 4755 assets, WALD comes in at #4300 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 36.6 percentage points (+20.6% for SPY against -16.0% for WALD). Note the risk asymmetry: WALD runs 6.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WALD: side by side
| SPY (SPDR S&P 500 ETF Trust) | WALD (Waldencast plc - Class A) | |
|---|---|---|
| 1-year return | +20.6% | -16.0% |
| 5-year return | +82.4% | -86.1% |
| Volatility (ann.) | 14.5% | 95.0% |
| Beta vs S&P 500 | 1.00 | 0.48 |
| Max drawdown (3Y) | -18.8% | -93.4% |
| Market cap | – | $0.2B |
| 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 | WALD |
|---|---|---|
| 2022 | -18.2% | -8.8% |
| 2023 | +26.2% | +20.6% |
| 2024 | +24.9% | -63.3% |
| 2025 | +17.7% | -53.2% |
| 2026 | +13.7% | -27.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WALD good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and WALD?
As of 2026-08-27, the correlation of weekly returns between SPY and WALD is 0.07 over 3 years, 0.02 over 1 year and 0.03 over 5 years.
Is WALD a good diversifier for SPY?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
A reading of 0.07 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-wald.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wald/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WALD correlations
