SPY vs WSBF: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Waterstone Financial, Inc. (WSBF) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WSBF?
On 3 years of weekly data the SPY/WSBF correlation comes out at 0.34, moderate. The past 12 months show a weaker link (0.05) than the 3-year average (0.34). The 5-year figure is 0.36, and annualized covariance runs at 128.1 %².
By 3-year correlation, WSBF places #1821 of the 4755 assets tracked against SPY. The last year tells two different stories: WSBF led by 29.3 percentage points, +20.6% for SPY against +49.9% for WSBF. Risk is not evenly split, since WSBF carries 1.8 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 WSBF: side by side
| SPY (SPDR S&P 500 ETF Trust) | WSBF (Waterstone Financial, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +49.9% |
| 5-year return | +82.4% | +33.3% |
| Volatility (ann.) | 14.5% | 26.2% |
| Beta vs S&P 500 | 1.00 | 0.61 |
| Max drawdown (3Y) | -18.8% | -26.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 1.01% | 3.05% |
| 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 | WSBF |
|---|---|---|
| 2022 | -18.2% | -15.8% |
| 2023 | +26.2% | -13.1% |
| 2024 | +24.9% | -0.9% |
| 2025 | +17.7% | +28.8% |
| 2026 | +13.7% | +30.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WSBF good diversifiers for each other?
Reasonably. At 0.34, SPY and WSBF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WSBF?
As of 2026-08-27, the correlation of weekly returns between SPY and WSBF is 0.34 over 3 years, 0.05 over 1 year and 0.36 over 5 years.
Is WSBF a good diversifier for SPY?
Reasonably. At 0.34, SPY and WSBF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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-wsbf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wsbf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WSBF correlations
