SPY vs WEX: Correlation
SPDR S&P 500 ETF Trust (SPY) and WEX Inc. (WEX) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WEX?
On 3 years of weekly data the SPY/WEX correlation comes out at 0.40, moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.40). The 5-year figure is 0.46, and annualized covariance runs at 202.7 %².
Within SPY's tracked universe of 4755 assets, WEX comes in at #1191 by 3-year correlation. Over the last 12 months SPY came out ahead by 5.9 percentage points (+20.6% against +14.7%). Risk is not evenly split, since WEX carries 2.4 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 WEX: side by side
| SPY (SPDR S&P 500 ETF Trust) | WEX (WEX Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +14.7% |
| 5-year return | +82.4% | +8.4% |
| Volatility (ann.) | 14.5% | 35.5% |
| Beta vs S&P 500 | 1.00 | 0.97 |
| Max drawdown (3Y) | -18.8% | -53.2% |
| Market cap | – | $6.8B |
| P/E (trailing) | – | 19.8 |
| Dividend yield | 1.01% | 0.00% |
| 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 | WEX |
|---|---|---|
| 2022 | -18.2% | +16.6% |
| 2023 | +26.2% | +18.9% |
| 2024 | +24.9% | -9.9% |
| 2025 | +17.7% | -15.0% |
| 2026 | +13.7% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WEX good diversifiers for each other?
Reasonably. At 0.40, SPY and WEX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WEX?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.09 over the last year and 0.46 over 5 years.
Is WEX a good diversifier for SPY?
Reasonably. At 0.40, SPY and WEX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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-wex.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WEX correlations
