SPY vs WBX: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Wallbox N.V. Class A (WBX) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WBX?
Over the past 3 years, SPY and WBX moved with a correlation of 0.07, which is near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.28 versus 0.07 over 3 years. Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 1018.7 %².
Among the 4755 assets we track against SPY, WBX ranks #4301 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 52.5 percentage points (+20.6% for SPY against -31.9% for WBX). Note the risk asymmetry: WBX runs 67.3 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 WBX: side by side
| SPY (SPDR S&P 500 ETF Trust) | WBX (Wallbox N.V. Class A) | |
|---|---|---|
| 1-year return | +20.6% | -31.9% |
| 5-year return | +82.4% | -70.7% |
| Volatility (ann.) | 14.5% | 975.4% |
| Beta vs S&P 500 | 1.00 | 4.88 |
| Max drawdown (3Y) | -18.8% | -91.3% |
| Market cap | – | $0.1B |
| 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 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 | WBX |
|---|---|---|
| 2022 | -18.2% | -78.1% |
| 2023 | +26.2% | -51.1% |
| 2024 | +24.9% | -71.4% |
| 2025 | +17.7% | +367.1% |
| 2026 | +13.7% | +23.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WBX 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 WBX?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with 0.28 over the last year and 0.07 over 5 years.
Is WBX 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?
On the −1 to +1 scale, 0.07 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: SPY correlations · WBX correlations
