SPY vs WHLR: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Wheeler Real Estate Investment Trust, Inc. (WHLR) trade together? Their weekly returns over three years give a correlation of -0.15, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WHLR?
Over the past 3 years, SPY and WHLR moved with a correlation of -0.15, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.01 versus -0.15 over 3 years. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -1220.5 %².
Among the 4755 assets we track against SPY, WHLR ranks #4748 by 3-year correlation. The last year tells two different stories: SPY led by 120.6 percentage points, +20.6% for SPY against -100.0% for WHLR. Note the risk asymmetry: WHLR runs 37.6 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 WHLR: side by side
| SPY (SPDR S&P 500 ETF Trust) | WHLR (Wheeler Real Estate Investment Trust, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -100.0% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 545.0% |
| Beta vs S&P 500 | 1.00 | -5.84 |
| Max drawdown (3Y) | -18.8% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 1.01% | 0.00% |
| 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 | WHLR |
|---|---|---|
| 2022 | -18.2% | -28.0% |
| 2023 | +26.2% | -98.4% |
| 2024 | +24.9% | -98.4% |
| 2025 | +17.7% | -100.0% |
| 2026 | +13.7% | -99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WHLR good diversifiers for each other?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and WHLR?
The SPY/WHLR correlation stands at -0.15 on a 3-year window (1 year: 0.01, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is WHLR a good diversifier for SPY?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.15 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
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Related comparisons
Hubs: SPY correlations · WHLR correlations
