SPY vs WING: Correlation
SPDR S&P 500 ETF Trust (SPY) and Wingstop Inc. (WING) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WING?
Across a 3-year window, the weekly returns of SPY and WING correlate at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 269.6 %².
By 3-year correlation, WING places #1820 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 87.9 percentage points, +20.6% for SPY against -67.3% for WING. One caveat on sizing: WING is 3.8 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 WING: side by side
| SPY (SPDR S&P 500 ETF Trust) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -67.3% |
| 5-year return | +82.4% | -31.4% |
| Volatility (ann.) | 14.5% | 55.1% |
| Beta vs S&P 500 | 1.00 | 1.29 |
| Max drawdown (3Y) | -18.8% | -74.0% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 26.5 |
| Dividend yield | 1.01% | 1.07% |
| 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 | WING |
|---|---|---|
| 2022 | -18.2% | -17.1% |
| 2023 | +26.2% | +87.3% |
| 2024 | +24.9% | +11.1% |
| 2025 | +17.7% | -15.7% |
| 2026 | +13.7% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WING good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WING?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.30 over the last year and 0.43 over 5 years.
Is WING a good diversifier for SPY?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WING correlations
