SPY vs WEYS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Weyco Group, Inc. (WEYS) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WEYS?
Over the past 3 years, SPY and WEYS moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.42 over 3. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 211.9 %².
By 3-year correlation, WEYS places #1001 of the 4755 assets tracked against SPY. The last year tells two different stories: WEYS led by 39.1 percentage points, +20.6% for SPY against +59.7% for WEYS. Note the risk asymmetry: WEYS runs 2.4 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 WEYS: side by side
| SPY (SPDR S&P 500 ETF Trust) | WEYS (Weyco Group, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +59.7% |
| 5-year return | +82.4% | +157.8% |
| Volatility (ann.) | 14.5% | 35.3% |
| Beta vs S&P 500 | 1.00 | 1.01 |
| Max drawdown (3Y) | -18.8% | -29.0% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 12.5 |
| Dividend yield | 1.01% | 2.43% |
| 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 | WEYS |
|---|---|---|
| 2022 | -18.2% | -8.3% |
| 2023 | +26.2% | +54.0% |
| 2024 | +24.9% | +30.4% |
| 2025 | +17.7% | -10.5% |
| 2026 | +13.7% | +49.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WEYS good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WEYS?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.32 over the last year and 0.41 over 5 years.
Is WEYS a good diversifier for SPY?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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-weys.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-weys/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WEYS correlations
