SPY vs WTBA: Correlation
SPDR S&P 500 ETF Trust (SPY) and West Bancorporation (WTBA) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WTBA?
On 3 years of weekly data the SPY/WTBA correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.36 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 157.3 %².
Among the 4755 assets we track against SPY, WTBA ranks #1604 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WTBA outperformed by 27.3 percentage points (+20.6% for SPY against +47.9% for WTBA). One caveat on sizing: WTBA is 2.1 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 WTBA: side by side
| SPY (SPDR S&P 500 ETF Trust) | WTBA (West Bancorporation) | |
|---|---|---|
| 1-year return | +20.6% | +47.9% |
| 5-year return | +82.4% | +16.8% |
| Volatility (ann.) | 14.5% | 30.5% |
| Beta vs S&P 500 | 1.00 | 0.75 |
| Max drawdown (3Y) | -18.8% | -26.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 1.01% | 3.53% |
| 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 | WTBA |
|---|---|---|
| 2022 | -18.2% | -14.4% |
| 2023 | +26.2% | -12.4% |
| 2024 | +24.9% | +7.7% |
| 2025 | +17.7% | +7.7% |
| 2026 | +13.7% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WTBA good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WTBA?
As of 2026-08-27, the correlation of weekly returns between SPY and WTBA is 0.36 over 3 years, 0.09 over 1 year and 0.41 over 5 years.
Is WTBA a good diversifier for SPY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · WTBA correlations
