SPY vs WKHS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Workhorse Group, Inc. (WKHS) show a weak relationship: their 3-year correlation of weekly returns is 0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WKHS?
On 3 years of weekly data the SPY/WKHS correlation comes out at 0.13, weak. Little has changed lately, as the 1-year reading of 0.22 lands near the 3-year figure. The 5-year figure is 0.20, and annualized covariance runs at 301.6 %².
By 3-year correlation, WKHS places #3902 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 101.2 percentage points, +20.6% for SPY against -80.6% for WKHS. One caveat on sizing: WKHS is 10.9 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 WKHS: side by side
| SPY (SPDR S&P 500 ETF Trust) | WKHS (Workhorse Group, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -80.6% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 157.8% |
| Beta vs S&P 500 | 1.00 | 1.44 |
| Max drawdown (3Y) | -18.8% | -99.9% |
| Market cap | – | – |
| 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 |
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 | WKHS |
|---|---|---|
| 2022 | -18.2% | -65.1% |
| 2023 | +26.2% | -76.3% |
| 2024 | +24.9% | -90.3% |
| 2025 | +17.7% | -95.1% |
| 2026 | +13.7% | -37.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WKHS good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and WKHS?
The SPY/WKHS correlation stands at 0.13 on a 3-year window (1 year: 0.22, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is WKHS a good diversifier for SPY?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wkhs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wkhs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WKHS correlations
