SPY vs WGO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Winnebago Industries, Inc. (WGO) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WGO?
Across a 3-year window, the weekly returns of SPY and WGO correlate at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 226.8 %².
Within SPY's tracked universe of 4755 assets, WGO comes in at #1602 by 3-year correlation. The last year tells two different stories: SPY led by 33.9 percentage points, +20.6% for SPY against -13.3% for WGO. Note the risk asymmetry: WGO runs 3.0 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 WGO: side by side
| SPY (SPDR S&P 500 ETF Trust) | WGO (Winnebago Industries, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -13.3% |
| 5-year return | +82.4% | -52.5% |
| Volatility (ann.) | 14.5% | 43.3% |
| Beta vs S&P 500 | 1.00 | 1.09 |
| Max drawdown (3Y) | -18.8% | -60.5% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | 22.3 |
| Dividend yield | 1.01% | 4.51% |
| 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 | WGO |
|---|---|---|
| 2022 | -18.2% | -28.7% |
| 2023 | +26.2% | +40.9% |
| 2024 | +24.9% | -33.1% |
| 2025 | +17.7% | -11.9% |
| 2026 | +13.7% | -22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WGO good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WGO?
The SPY/WGO correlation stands at 0.36 on a 3-year window (1 year: 0.29, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is WGO a good diversifier for SPY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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-wgo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-wgo/)
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Related comparisons
Hubs: SPY correlations · WGO correlations
