SPY vs WH: Correlation
SPDR S&P 500 ETF Trust (SPY) and Wyndham Hotels & Resorts, Inc. (WH) 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 WH?
Over the past 3 years, SPY and WH moved with a correlation of 0.40, which is moderate. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.40). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 150.8 %².
Within SPY's tracked universe of 4755 assets, WH comes in at #1192 by 3-year correlation. The last year tells two different stories: SPY led by 32.2 percentage points, +20.6% for SPY against -11.6% for WH. Risk is not evenly split, since WH carries 1.8 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 WH: side by side
| SPY (SPDR S&P 500 ETF Trust) | WH (Wyndham Hotels & Resorts, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -11.6% |
| 5-year return | +82.4% | +15.6% |
| Volatility (ann.) | 14.5% | 25.8% |
| Beta vs S&P 500 | 1.00 | 0.72 |
| Max drawdown (3Y) | -18.8% | -37.2% |
| Market cap | – | $5.7B |
| P/E (trailing) | – | 27.8 |
| Dividend yield | 1.01% | 2.19% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WH |
|---|---|---|
| 2022 | -18.2% | -19.1% |
| 2023 | +26.2% | +14.9% |
| 2024 | +24.9% | +27.7% |
| 2025 | +17.7% | -23.5% |
| 2026 | +13.7% | +2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WH?
The SPY/WH correlation stands at 0.40 on a 3-year window (1 year: 0.14, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is WH a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined 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-wh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WH correlations
