SPY vs WHD: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Cactus, Inc. (WHD) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WHD?
On 3 years of weekly data the SPY/WHD correlation comes out at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 232.0 %².
Among the 4755 assets we track against SPY, WHD ranks #1292 by 3-year correlation. The last year tells two different stories: WHD led by 45.5 percentage points, +20.6% for SPY against +66.1% for WHD. Risk is not evenly split, since WHD carries 2.8 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 WHD: side by side
| SPY (SPDR S&P 500 ETF Trust) | WHD (Cactus, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +66.1% |
| 5-year return | +82.4% | +89.5% |
| Volatility (ann.) | 14.5% | 41.2% |
| Beta vs S&P 500 | 1.00 | 1.11 |
| Max drawdown (3Y) | -18.8% | -51.4% |
| Market cap | – | $4.8B |
| P/E (trailing) | – | 55.7 |
| Dividend yield | 1.01% | 0.84% |
| 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 | WHD |
|---|---|---|
| 2022 | -18.2% | +33.0% |
| 2023 | +26.2% | -8.7% |
| 2024 | +24.9% | +29.7% |
| 2025 | +17.7% | -20.8% |
| 2026 | +13.7% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WHD good diversifiers for each other?
Reasonably. At 0.39, SPY and WHD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WHD?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.31 over the last year and 0.42 over 5 years.
Is WHD a good diversifier for SPY?
Reasonably. At 0.39, SPY and WHD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 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.
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Related comparisons
Hubs: SPY correlations · WHD correlations
