SPY vs WELL: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Welltower (WELL) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WELL?
Over the past 3 years, SPY and WELL moved with a correlation of 0.21, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.00 versus 0.21 over 3 years. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 63.5 %².
Within SPY's tracked universe of 4755 assets, WELL comes in at #3196 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WELL ahead by 24.3 points (+20.6% versus +44.9%). This link changes with the market regime, having swung between -0.01 and 0.74 on a rolling one-year basis.
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 WELL: side by side
| SPY (SPDR S&P 500 ETF Trust) | WELL (Welltower) | |
|---|---|---|
| 1-year return | +20.6% | +44.9% |
| 5-year return | +82.4% | +214.9% |
| Volatility (ann.) | 14.5% | 21.2% |
| Beta vs S&P 500 | 1.00 | 0.30 |
| Max drawdown (3Y) | -18.8% | -13.0% |
| Market cap | – | $172.6B |
| P/E (trailing) | – | 108.9 |
| Dividend yield | 1.01% | 1.27% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Real Estate |
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 | WELL |
|---|---|---|
| 2022 | -18.2% | -21.2% |
| 2023 | +26.2% | +41.8% |
| 2024 | +24.9% | +43.1% |
| 2025 | +17.7% | +49.9% |
| 2026 | +13.7% | +30.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds WELL at a 0.26% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and WELL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WELL?
As of 2026-08-27, the correlation of weekly returns between SPY and WELL is 0.21 over 3 years, -0.00 over 1 year and 0.40 over 5 years.
Is WELL a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 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.
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Related comparisons
Hubs: SPY correlations · WELL correlations
