SPY vs WRB: Correlation
SPDR S&P 500 ETF Trust (SPY) and W. R. Berkley Corporation (WRB) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WRB?
Across a 3-year window, the weekly returns of SPY and WRB correlate at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.14 versus 0.12 over 3 years. Stretching to 5 years gives 0.23, with an annualized covariance of 39.6 %².
Within SPY's tracked universe of 4755 assets, WRB comes in at #3976 by 3-year correlation. The last year tells two different stories: SPY led by 22.6 percentage points, +20.6% for SPY against -2.0% for WRB. This link changes with the market regime, having swung between -0.16 and 0.41 on a rolling one-year basis. Risk is not evenly split, since WRB 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 WRB: side by side
| SPY (SPDR S&P 500 ETF Trust) | WRB (W. R. Berkley Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -2.0% |
| 5-year return | +82.4% | +130.5% |
| Volatility (ann.) | 14.5% | 22.5% |
| Beta vs S&P 500 | 1.00 | 0.19 |
| Max drawdown (3Y) | -18.8% | -17.6% |
| Market cap | – | $25.4B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 1.01% | 0.54% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | WRB |
|---|---|---|
| 2022 | -18.2% | +33.9% |
| 2023 | +26.2% | +0.2% |
| 2024 | +24.9% | +27.2% |
| 2025 | +17.7% | +23.0% |
| 2026 | +13.7% | -1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WRB good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and WRB?
As of 2026-08-27, the correlation of weekly returns between SPY and WRB is 0.12 over 3 years, -0.14 over 1 year and 0.23 over 5 years.
Is WRB a good diversifier for SPY?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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-wrb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-wrb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WRB correlations
