SPY vs WMB: Correlation
SPDR S&P 500 ETF Trust (SPY) and Williams Companies (WMB) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WMB?
Across a 3-year window, the weekly returns of SPY and WMB correlate at 0.20, weak. The link has loosened recently: the 1-year correlation (-0.18) runs below the 3-year figure (0.20). Stretching to 5 years gives 0.33, with an annualized covariance of 70.7 %².
Among the 4755 assets we track against SPY, WMB ranks #3299 by 3-year correlation. Over the last 12 months WMB came out ahead by 12.5 percentage points (+20.6% against +33.1%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.31 and 0.65 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: WMB runs 1.7 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 WMB: side by side
| SPY (SPDR S&P 500 ETF Trust) | WMB (Williams Companies) | |
|---|---|---|
| 1-year return | +20.6% | +33.1% |
| 5-year return | +82.4% | +279.9% |
| Volatility (ann.) | 14.5% | 24.0% |
| Beta vs S&P 500 | 1.00 | 0.34 |
| Max drawdown (3Y) | -18.8% | -12.4% |
| Market cap | – | $90.7B |
| P/E (trailing) | – | 29.7 |
| Dividend yield | 1.01% | 2.76% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Energy |
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 | WMB |
|---|---|---|
| 2022 | -18.2% | +32.8% |
| 2023 | +26.2% | +11.9% |
| 2024 | +24.9% | +62.3% |
| 2025 | +17.7% | +14.9% |
| 2026 | +13.7% | +25.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds WMB at a 0.14% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and WMB good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WMB?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with -0.18 over the last year and 0.33 over 5 years.
Is WMB a good diversifier for SPY?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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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Hubs: SPY correlations · WMB correlations
