SPY vs WFC: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Wells Fargo (WFC) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WFC?
Across a 3-year window, the weekly returns of SPY and WFC correlate at 0.48, moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.48). Stretching to 5 years gives 0.53, with an annualized covariance of 204.1 %².
Within SPY's tracked universe of 4755 assets, WFC comes in at #556 by 3-year correlation. The last year tells two different stories: SPY led by 15.4 percentage points, +20.6% for SPY against +5.2% for WFC. This link changes with the market regime, having swung between 0.19 and 0.74 on a rolling one-year basis. Note the risk asymmetry: WFC runs 2.0 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 WFC: side by side
| SPY (SPDR S&P 500 ETF Trust) | WFC (Wells Fargo) | |
|---|---|---|
| 1-year return | +20.6% | +5.2% |
| 5-year return | +82.4% | +98.3% |
| Volatility (ann.) | 14.5% | 29.7% |
| Beta vs S&P 500 | 1.00 | 0.98 |
| Max drawdown (3Y) | -18.8% | -24.7% |
| Market cap | – | $256.9B |
| P/E (trailing) | – | 12.4 |
| Dividend yield | 1.01% | 2.11% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | WFC |
|---|---|---|
| 2022 | -18.2% | -11.9% |
| 2023 | +26.2% | +22.9% |
| 2024 | +24.9% | +46.5% |
| 2025 | +17.7% | +35.6% |
| 2026 | +13.7% | -7.3% |
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 WFC at a 0.39% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and WFC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WFC?
The SPY/WFC correlation stands at 0.48 on a 3-year window (1 year: 0.26, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is WFC a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · WFC correlations
