SPY vs WASH: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Washington Trust Bancorp, Inc. (WASH) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WASH?
Across a 3-year window, the weekly returns of SPY and WASH correlate at 0.43, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.43). Stretching to 5 years gives 0.37, with an annualized covariance of 216.4 %².
Among the 4755 assets we track against SPY, WASH ranks #917 by 3-year correlation. The last year tells two different stories: WASH led by 19.5 percentage points, +20.6% for SPY against +40.1% for WASH. Note the risk asymmetry: WASH runs 2.4 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 WASH: side by side
| SPY (SPDR S&P 500 ETF Trust) | WASH (Washington Trust Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +40.1% |
| 5-year return | +82.4% | +4.8% |
| Volatility (ann.) | 14.5% | 34.9% |
| Beta vs S&P 500 | 1.00 | 1.04 |
| Max drawdown (3Y) | -18.8% | -32.3% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 13.7 |
| Dividend yield | 1.01% | 5.64% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WASH |
|---|---|---|
| 2022 | -18.2% | -12.5% |
| 2023 | +26.2% | -26.1% |
| 2024 | +24.9% | +2.7% |
| 2025 | +17.7% | +1.7% |
| 2026 | +13.7% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WASH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WASH?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.16 over the last year and 0.37 over 5 years.
Is WASH a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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-wash.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wash/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · WASH correlations
