SPY vs WDAY: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Workday, Inc. (WDAY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WDAY?
Across a 3-year window, the weekly returns of SPY and WDAY correlate at 0.39, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.39). Stretching to 5 years gives 0.51, with an annualized covariance of 227.1 %².
By 3-year correlation, WDAY places #1290 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 36.3 percentage points, +20.6% for SPY against -15.7% for WDAY. The rolling one-year correlation moved between 0.21 and 0.67 over the past three years, a moderate range. One caveat on sizing: WDAY is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WDAY: side by side
| SPY (SPDR S&P 500 ETF Trust) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -15.7% |
| 5-year return | +82.4% | -28.7% |
| Volatility (ann.) | 14.5% | 40.0% |
| Beta vs S&P 500 | 1.00 | 1.09 |
| Max drawdown (3Y) | -18.8% | -63.4% |
| Market cap | – | $47.8B |
| P/E (trailing) | – | 59.6 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Information Technology |
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 | WDAY |
|---|---|---|
| 2022 | -18.2% | -38.7% |
| 2023 | +26.2% | +65.0% |
| 2024 | +24.9% | -6.5% |
| 2025 | +17.7% | -16.8% |
| 2026 | +13.7% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
WDAY represents 0.06% of SPY's portfolio, so part of any move in SPY is WDAY itself, and the correlation between them is partly mechanical.
Are SPY and WDAY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WDAY?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.21 over the last year and 0.51 over 5 years.
Is WDAY a good diversifier for SPY?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WDAY correlations
