SPY vs WETH: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Wetouch Technology Inc. (WETH) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WETH?
Across a 3-year window, the weekly returns of SPY and WETH correlate at 0.22, weak. Lately the two have moved closer together, with the 1-year correlation at 0.37 versus 0.22 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 357.8 %².
Among the 4755 assets we track against SPY, WETH ranks #3090 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +17.3% for WETH. One caveat on sizing: WETH is 7.7 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 WETH: side by side
| SPY (SPDR S&P 500 ETF Trust) | WETH (Wetouch Technology Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +17.3% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 112.1% |
| Beta vs S&P 500 | 1.00 | 1.71 |
| Max drawdown (3Y) | -18.8% | -83.8% |
| Market cap | – | – |
| P/E (trailing) | – | 1.7 |
| Dividend yield | 1.01% | 0.00% |
| 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 | WETH |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | -24.3% |
| 2026 | +13.7% | -9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WETH good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WETH?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.37 over the last year and n/a over 5 years.
Is WETH a good diversifier for SPY?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 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-weth.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-weth/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WETH correlations
