SPY vs WHG: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Westwood Holdings Group Inc (WHG) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WHG?
Across a 3-year window, the weekly returns of SPY and WHG correlate at 0.27, weak. The past 12 months show a weaker link (0.06) than the 3-year average (0.27). Stretching to 5 years gives 0.26, with an annualized covariance of 128.3 %².
Within SPY's tracked universe of 4755 assets, WHG comes in at #2588 by 3-year correlation. Over the last 12 months SPY came out ahead by 6.2 percentage points (+20.6% against +14.4%). One caveat on sizing: WHG is 2.3 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 WHG: side by side
| SPY (SPDR S&P 500 ETF Trust) | WHG (Westwood Holdings Group Inc) | |
|---|---|---|
| 1-year return | +20.6% | +14.4% |
| 5-year return | +82.4% | +12.6% |
| Volatility (ann.) | 14.5% | 33.1% |
| Beta vs S&P 500 | 1.00 | 0.61 |
| Max drawdown (3Y) | -18.8% | -21.2% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 22.8 |
| Dividend yield | 1.01% | 3.02% |
| 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 | WHG |
|---|---|---|
| 2022 | -18.2% | -31.4% |
| 2023 | +26.2% | +19.0% |
| 2024 | +24.9% | +20.9% |
| 2025 | +17.7% | +23.1% |
| 2026 | +13.7% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WHG good diversifiers for each other?
Reasonably. At 0.27, SPY and WHG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WHG?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.06 over the last year and 0.26 over 5 years.
Is WHG a good diversifier for SPY?
Reasonably. At 0.27, SPY and WHG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-whg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-whg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WHG correlations
