SPY vs WMG: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Warner Music Group Corp. (WMG) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WMG?
Over the past 3 years, SPY and WMG moved with a correlation of 0.43, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 191.1 %².
Within SPY's tracked universe of 4755 assets, WMG comes in at #918 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 35.3 points (+20.6% versus -14.7%). One caveat on sizing: WMG is 2.1 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 WMG: side by side
| SPY (SPDR S&P 500 ETF Trust) | WMG (Warner Music Group Corp.) | |
|---|---|---|
| 1-year return | +20.6% | -14.7% |
| 5-year return | +82.4% | -16.9% |
| Volatility (ann.) | 14.5% | 30.7% |
| Beta vs S&P 500 | 1.00 | 0.91 |
| Max drawdown (3Y) | -18.8% | -33.1% |
| Market cap | – | $14.7B |
| P/E (trailing) | – | 22.4 |
| Dividend yield | 1.01% | 2.72% |
| 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 | WMG |
|---|---|---|
| 2022 | -18.2% | -17.2% |
| 2023 | +26.2% | +4.4% |
| 2024 | +24.9% | -11.5% |
| 2025 | +17.7% | +1.4% |
| 2026 | +13.7% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WMG good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WMG?
The SPY/WMG correlation stands at 0.43 on a 3-year window (1 year: 0.46, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is WMG a good diversifier for SPY?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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-wmg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-wmg/)
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Related comparisons
Hubs: SPY correlations · WMG correlations
