SPY vs WRBY: Correlation
SPDR S&P 500 ETF Trust (SPY) and Warby Parker Inc. (WRBY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WRBY?
Across a 3-year window, the weekly returns of SPY and WRBY correlate at 0.35, moderate. Recent behaviour matches the longer record: 0.28 over 1 year against 0.35 over 3. Stretching to 5 years gives 0.48, with an annualized covariance of 310.7 %².
By 3-year correlation, WRBY places #1717 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 25.3 percentage points, +20.6% for SPY against -4.7% for WRBY. Note the risk asymmetry: WRBY runs 4.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WRBY: side by side
| SPY (SPDR S&P 500 ETF Trust) | WRBY (Warby Parker Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -4.7% |
| 5-year return | +82.4% | -53.6% |
| Volatility (ann.) | 14.5% | 62.2% |
| Beta vs S&P 500 | 1.00 | 1.49 |
| Max drawdown (3Y) | -18.8% | -50.7% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 421.2 |
| Dividend yield | 1.01% | 0.00% |
| 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 | WRBY |
|---|---|---|
| 2022 | -18.2% | -71.0% |
| 2023 | +26.2% | +4.5% |
| 2024 | +24.9% | +71.7% |
| 2025 | +17.7% | -10.0% |
| 2026 | +13.7% | +16.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WRBY good diversifiers for each other?
Reasonably. At 0.35, SPY and WRBY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WRBY?
The SPY/WRBY correlation stands at 0.35 on a 3-year window (1 year: 0.28, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is WRBY a good diversifier for SPY?
Reasonably. At 0.35, SPY and WRBY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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-wrby.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wrby/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WRBY correlations
