SPY vs WHF: Correlation
SPDR S&P 500 ETF Trust (SPY) and WhiteHorse Finance, Inc. - Closed End Fund (WHF) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WHF?
On 3 years of weekly data the SPY/WHF correlation comes out at 0.16, weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.16). The 5-year figure is 0.28, and annualized covariance runs at 52.4 %².
Among the 4755 assets we track against SPY, WHF ranks #3654 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 23.1 points (+20.6% versus -2.5%). One caveat on sizing: WHF is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WHF: side by side
| SPY (SPDR S&P 500 ETF Trust) | WHF (WhiteHorse Finance, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +20.6% | -2.5% |
| 5-year return | +82.4% | -11.5% |
| Volatility (ann.) | 14.5% | 22.6% |
| Beta vs S&P 500 | 1.00 | 0.25 |
| Max drawdown (3Y) | -18.8% | -37.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 9.1 |
| Dividend yield | 1.01% | 16.12% |
| 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 | WHF |
|---|---|---|
| 2022 | -18.2% | -6.2% |
| 2023 | +26.2% | +6.3% |
| 2024 | +24.9% | -8.5% |
| 2025 | +17.7% | -15.4% |
| 2026 | +13.7% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WHF good diversifiers for each other?
Yes. With a correlation of 0.16, SPY and WHF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and WHF?
As of 2026-08-27, the correlation of weekly returns between SPY and WHF is 0.16 over 3 years, 0.04 over 1 year and 0.28 over 5 years.
Is WHF a good diversifier for SPY?
Yes. With a correlation of 0.16, SPY and WHF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 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 · WHF correlations
