SPY vs WERN: Correlation
SPDR S&P 500 ETF Trust (SPY) and Werner Enterprises, Inc. (WERN) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WERN?
Over the past 3 years, SPY and WERN moved with a correlation of 0.39, which is moderate. The past 12 months show a weaker link (0.23) than the 3-year average (0.39). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 166.7 %².
Among the 4755 assets we track against SPY, WERN ranks #1291 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WERN ahead by 15.4 points (+20.6% versus +36.0%). Risk is not evenly split, since WERN carries 2.1 times the volatility of the other side.
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 WERN: side by side
| SPY (SPDR S&P 500 ETF Trust) | WERN (Werner Enterprises, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +36.0% |
| 5-year return | +82.4% | -14.3% |
| Volatility (ann.) | 14.5% | 29.9% |
| Beta vs S&P 500 | 1.00 | 0.80 |
| Max drawdown (3Y) | -18.8% | -44.5% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 1.44% |
| 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 | WERN |
|---|---|---|
| 2022 | -18.2% | -14.4% |
| 2023 | +26.2% | +6.6% |
| 2024 | +24.9% | -14.2% |
| 2025 | +17.7% | -14.9% |
| 2026 | +13.7% | +30.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WERN good diversifiers for each other?
Reasonably. At 0.39, SPY and WERN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WERN?
The SPY/WERN correlation stands at 0.39 on a 3-year window (1 year: 0.23, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is WERN a good diversifier for SPY?
Reasonably. At 0.39, SPY and WERN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wern.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wern/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WERN correlations
