SPY vs WINA: Correlation
SPDR S&P 500 ETF Trust (SPY) and Winmark Corporation (WINA) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WINA?
Across a 3-year window, the weekly returns of SPY and WINA correlate at 0.19, weak. Recent behaviour matches the longer record: 0.15 over 1 year against 0.19 over 3. Stretching to 5 years gives 0.33, with an annualized covariance of 98.4 %².
Among the 4755 assets we track against SPY, WINA ranks #3400 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 44.9 points (+20.6% versus -24.3%). One caveat on sizing: WINA is 2.4 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 WINA: side by side
| SPY (SPDR S&P 500 ETF Trust) | WINA (Winmark Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -24.3% |
| 5-year return | +82.4% | +89.5% |
| Volatility (ann.) | 14.5% | 35.4% |
| Beta vs S&P 500 | 1.00 | 0.47 |
| Max drawdown (3Y) | -18.8% | -34.0% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 30.4 |
| Dividend yield | 1.01% | 1.13% |
| 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 | WINA |
|---|---|---|
| 2022 | -18.2% | -2.8% |
| 2023 | +26.2% | +82.6% |
| 2024 | +24.9% | -3.3% |
| 2025 | +17.7% | +6.4% |
| 2026 | +13.7% | -16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WINA good diversifiers for each other?
Yes. With a correlation of 0.19, SPY and WINA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and WINA?
The SPY/WINA correlation stands at 0.19 on a 3-year window (1 year: 0.15, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is WINA a good diversifier for SPY?
Yes. With a correlation of 0.19, SPY and WINA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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-wina.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wina/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WINA correlations
