SPY vs WLFC: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Willis Lease Finance Corporation (WLFC) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WLFC?
Over the past 3 years, SPY and WLFC moved with a correlation of 0.31, which is moderate. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 271.5 %².
Within SPY's tracked universe of 4755 assets, WLFC comes in at #2137 by 3-year correlation. The last year tells two different stories: SPY led by 83.9 percentage points, +20.6% for SPY against -63.3% for WLFC. One caveat on sizing: WLFC is 4.2 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 WLFC: side by side
| SPY (SPDR S&P 500 ETF Trust) | WLFC (Willis Lease Finance Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -63.3% |
| 5-year return | +82.4% | +47.2% |
| Volatility (ann.) | 14.5% | 61.3% |
| Beta vs S&P 500 | 1.00 | 1.30 |
| Max drawdown (3Y) | -18.8% | -77.4% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 13.8 |
| Dividend yield | 1.01% | 0.88% |
| 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 | WLFC |
|---|---|---|
| 2022 | -18.2% | +56.7% |
| 2023 | +26.2% | -17.2% |
| 2024 | +24.9% | +327.3% |
| 2025 | +17.7% | -34.5% |
| 2026 | +13.7% | -59.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WLFC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WLFC?
The SPY/WLFC correlation stands at 0.31 on a 3-year window (1 year: 0.23, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is WLFC a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
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Related comparisons
Hubs: SPY correlations · WLFC correlations
