SPY vs WIT: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Wipro Limited (WIT) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WIT?
Over the past 3 years, SPY and WIT moved with a correlation of 0.39, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.39). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 183.3 %².
Among the 4755 assets we track against SPY, WIT ranks #1293 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 55.8 points (+20.6% versus -35.2%). Note the risk asymmetry: WIT runs 2.3 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 WIT: side by side
| SPY (SPDR S&P 500 ETF Trust) | WIT (Wipro Limited) | |
|---|---|---|
| 1-year return | +20.6% | -35.2% |
| 5-year return | +82.4% | -58.2% |
| Volatility (ann.) | 14.5% | 32.7% |
| Beta vs S&P 500 | 1.00 | 0.88 |
| Max drawdown (3Y) | -18.8% | -51.2% |
| Market cap | – | $17.8B |
| P/E (trailing) | – | 13.8 |
| Dividend yield | 1.01% | 437.16% |
| 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 | WIT |
|---|---|---|
| 2022 | -18.2% | -51.8% |
| 2023 | +26.2% | +19.8% |
| 2024 | +24.9% | +27.4% |
| 2025 | +17.7% | -16.6% |
| 2026 | +13.7% | -35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WIT good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WIT?
The SPY/WIT correlation stands at 0.39 on a 3-year window (1 year: 0.20, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is WIT a good diversifier for SPY?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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-wit.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wit/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · WIT correlations
