SPY vs WRAP: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Wrap Technologies, Inc. (WRAP) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WRAP?
On 3 years of weekly data the SPY/WRAP correlation comes out at 0.29, weak. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 439.8 %².
Within SPY's tracked universe of 4755 assets, WRAP comes in at #2373 by 3-year correlation. On 12-month performance WRAP holds a 9.7-point edge, +20.6% against +30.3%. One caveat on sizing: WRAP is 7.3 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 WRAP: side by side
| SPY (SPDR S&P 500 ETF Trust) | WRAP (Wrap Technologies, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +30.3% |
| 5-year return | +82.4% | -77.2% |
| Volatility (ann.) | 14.5% | 106.0% |
| Beta vs S&P 500 | 1.00 | 2.11 |
| Max drawdown (3Y) | -18.8% | -76.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | WRAP |
|---|---|---|
| 2022 | -18.2% | -57.0% |
| 2023 | +26.2% | +83.4% |
| 2024 | +24.9% | -31.6% |
| 2025 | +17.7% | +12.3% |
| 2026 | +13.7% | -27.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WRAP good diversifiers for each other?
Reasonably. At 0.29, SPY and WRAP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WRAP?
The SPY/WRAP correlation stands at 0.29 on a 3-year window (1 year: 0.30, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is WRAP a good diversifier for SPY?
Reasonably. At 0.29, SPY and WRAP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wrap.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-wrap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · WRAP correlations
