SPY vs WD: Correlation
SPDR S&P 500 ETF Trust (SPY) and Walker & Dunlop, Inc (WD) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WD?
On 3 years of weekly data the SPY/WD correlation comes out at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.42). The 5-year figure is 0.53, and annualized covariance runs at 233.9 %².
Among the 4755 assets we track against SPY, WD ranks #1000 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 71.6 percentage points (+20.6% for SPY against -51.0% for WD). Note the risk asymmetry: WD runs 2.7 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 WD: side by side
| SPY (SPDR S&P 500 ETF Trust) | WD (Walker & Dunlop, Inc) | |
|---|---|---|
| 1-year return | +20.6% | -51.0% |
| 5-year return | +82.4% | -53.5% |
| Volatility (ann.) | 14.5% | 38.5% |
| Beta vs S&P 500 | 1.00 | 1.12 |
| Max drawdown (3Y) | -18.8% | -63.4% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | 36.0 |
| Dividend yield | 1.01% | 6.70% |
| 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 | WD |
|---|---|---|
| 2022 | -18.2% | -46.8% |
| 2023 | +26.2% | +46.0% |
| 2024 | +24.9% | -10.1% |
| 2025 | +17.7% | -35.9% |
| 2026 | +13.7% | -29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WD?
The SPY/WD correlation stands at 0.42 on a 3-year window (1 year: 0.30, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is WD a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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-wd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WD correlations
