SPY vs WMT: Correlation
SPDR S&P 500 ETF Trust (SPY) and Walmart (WMT) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WMT?
Across a 3-year window, the weekly returns of SPY and WMT correlate at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.33 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 109.8 %².
Within SPY's tracked universe of 4755 assets, WMT comes in at #1923 by 3-year correlation. Over the last 12 months SPY came out ahead by 12.9 percentage points (+20.6% against +7.7%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.02 to 0.60. Risk is not evenly split, since WMT carries 1.6 times the volatility of the other side.
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 WMT: side by side
| SPY (SPDR S&P 500 ETF Trust) | WMT (Walmart) | |
|---|---|---|
| 1-year return | +20.6% | +7.7% |
| 5-year return | +82.4% | +121.9% |
| Volatility (ann.) | 14.5% | 23.0% |
| Beta vs S&P 500 | 1.00 | 0.53 |
| Max drawdown (3Y) | -18.8% | -23.3% |
| Market cap | – | $816.7B |
| P/E (trailing) | – | 37.1 |
| Dividend yield | 1.01% | 0.92% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Consumer Staples |
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 | WMT |
|---|---|---|
| 2022 | -18.2% | -0.5% |
| 2023 | +26.2% | +12.9% |
| 2024 | +24.9% | +74.0% |
| 2025 | +17.7% | +24.5% |
| 2026 | +13.7% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.69% of SPY is WMT itself, so the fund partly moves with the stock by construction.
Are SPY and WMT good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WMT?
As of 2026-08-27, the correlation of weekly returns between SPY and WMT is 0.33 over 3 years, 0.04 over 1 year and 0.42 over 5 years.
Is WMT a good diversifier for SPY?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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.
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Related comparisons
Hubs: SPY correlations · WMT correlations
