SPY vs WS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Worthington Steel, Inc. (WS) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WS?
Over the past 3 years, SPY and WS moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 348.7 %².
Within SPY's tracked universe of 4755 assets, WS comes in at #557 by 3-year correlation. The last year tells two different stories: SPY led by 15.8 percentage points, +20.6% for SPY against +4.8% for WS. One caveat on sizing: WS is 3.5 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 WS: side by side
| SPY (SPDR S&P 500 ETF Trust) | WS (Worthington Steel, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +4.8% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 51.2% |
| Beta vs S&P 500 | 1.00 | 1.67 |
| Max drawdown (3Y) | -18.8% | -51.0% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 201.9 |
| Dividend yield | 1.01% | 1.89% |
| 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 | WS |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | +15.4% |
| 2025 | +17.7% | +11.2% |
| 2026 | +13.7% | -0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WS good diversifiers for each other?
Reasonably. At 0.48, SPY and WS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WS?
As of 2026-08-27, the correlation of weekly returns between SPY and WS is 0.48 over 3 years, 0.40 over 1 year and n/a over 5 years.
Is WS a good diversifier for SPY?
Reasonably. At 0.48, SPY and WS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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-ws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · WS correlations
