SPY vs WHWK: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Whitehawk Therapeutics, Inc. (WHWK) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WHWK?
On 3 years of weekly data the SPY/WHWK correlation comes out at 0.22, weak. The past 12 months show a tighter link (0.52) than the 3-year average (0.22). The 5-year figure is 0.19, and annualized covariance runs at 215.1 %².
Within SPY's tracked universe of 4755 assets, WHWK comes in at #3091 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WHWK outperformed by 148.5 percentage points (+20.6% for SPY against +169.1% for WHWK). Risk is not evenly split, since WHWK carries 4.8 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 WHWK: side by side
| SPY (SPDR S&P 500 ETF Trust) | WHWK (Whitehawk Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +169.1% |
| 5-year return | +82.4% | -80.9% |
| Volatility (ann.) | 14.5% | 69.1% |
| Beta vs S&P 500 | 1.00 | 1.03 |
| Max drawdown (3Y) | -18.8% | -80.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | WHWK |
|---|---|---|
| 2022 | -18.2% | -46.9% |
| 2023 | +26.2% | -84.3% |
| 2024 | +24.9% | +56.2% |
| 2025 | +17.7% | -23.3% |
| 2026 | +13.7% | +101.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WHWK good diversifiers for each other?
Reasonably. At 0.22, SPY and WHWK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WHWK?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.52 over the last year and 0.19 over 5 years.
Is WHWK a good diversifier for SPY?
Reasonably. At 0.22, SPY and WHWK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · WHWK correlations
