SPY vs WEAV: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Weave Communications, Inc. (WEAV) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WEAV?
Over the past 3 years, SPY and WEAV moved with a correlation of 0.40, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.40 over 3 years. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 339.3 %².
Among the 4755 assets we track against SPY, WEAV ranks #1190 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.4 points (+20.6% versus -5.8%). Note the risk asymmetry: WEAV runs 4.1 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 WEAV: side by side
| SPY (SPDR S&P 500 ETF Trust) | WEAV (Weave Communications, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -5.8% |
| 5-year return | +82.4% | -61.1% |
| Volatility (ann.) | 14.5% | 58.9% |
| Beta vs S&P 500 | 1.00 | 1.62 |
| Max drawdown (3Y) | -18.8% | -74.9% |
| Market cap | – | $0.6B |
| 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 |
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 | WEAV |
|---|---|---|
| 2022 | -18.2% | -69.8% |
| 2023 | +26.2% | +150.4% |
| 2024 | +24.9% | +38.8% |
| 2025 | +17.7% | -52.3% |
| 2026 | +13.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WEAV good diversifiers for each other?
Reasonably. At 0.40, SPY and WEAV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WEAV?
As of 2026-08-27, the correlation of weekly returns between SPY and WEAV is 0.40 over 3 years, 0.14 over 1 year and 0.41 over 5 years.
Is WEAV a good diversifier for SPY?
Reasonably. At 0.40, SPY and WEAV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · WEAV correlations
