SPY vs WNEB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Western New England Bancorp, Inc. (WNEB) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WNEB?
On 3 years of weekly data the SPY/WNEB correlation comes out at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.30). The 5-year figure is 0.30, and annualized covariance runs at 136.9 %².
By 3-year correlation, WNEB places #2258 of the 4755 assets tracked against SPY. On 12-month performance SPY holds a 8.7-point edge, +20.6% against +11.9%. Risk is not evenly split, since WNEB carries 2.2 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 WNEB: side by side
| SPY (SPDR S&P 500 ETF Trust) | WNEB (Western New England Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +11.9% |
| 5-year return | +82.4% | +85.9% |
| Volatility (ann.) | 14.5% | 32.1% |
| Beta vs S&P 500 | 1.00 | 0.66 |
| Max drawdown (3Y) | -18.8% | -33.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 16.5 |
| Dividend yield | 1.01% | 2.03% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | WNEB |
|---|---|---|
| 2022 | -18.2% | +11.0% |
| 2023 | +26.2% | -1.1% |
| 2024 | +24.9% | +6.0% |
| 2025 | +17.7% | +40.9% |
| 2026 | +13.7% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WNEB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WNEB?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.12 over the last year and 0.30 over 5 years.
Is WNEB a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 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-wneb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-wneb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WNEB correlations
