SPY vs WTI: Correlation
SPDR S&P 500 ETF Trust (SPY) and W&T Offshore, Inc. (WTI) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WTI?
Across a 3-year window, the weekly returns of SPY and WTI correlate at 0.05, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.26 versus 0.05 over 3 years. Stretching to 5 years gives 0.11, with an annualized covariance of 49.5 %².
Among the 4755 assets we track against SPY, WTI ranks #4399 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WTI outperformed by 84.3 percentage points (+20.6% for SPY against +104.9% for WTI). One caveat on sizing: WTI is 4.5 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 WTI: side by side
| SPY (SPDR S&P 500 ETF Trust) | WTI (W&T Offshore, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +104.9% |
| 5-year return | +82.4% | +18.8% |
| Volatility (ann.) | 14.5% | 64.6% |
| Beta vs S&P 500 | 1.00 | 0.24 |
| Max drawdown (3Y) | -18.8% | -74.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 1.12% |
| 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 | WTI |
|---|---|---|
| 2022 | -18.2% | +72.8% |
| 2023 | +26.2% | -41.4% |
| 2024 | +24.9% | -48.2% |
| 2025 | +17.7% | +0.6% |
| 2026 | +13.7% | +126.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WTI good diversifiers for each other?
Yes. With a correlation of 0.05, SPY and WTI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and WTI?
The SPY/WTI correlation stands at 0.05 on a 3-year window (1 year: -0.26, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is WTI a good diversifier for SPY?
Yes. With a correlation of 0.05, SPY and WTI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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
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Related comparisons
Hubs: SPY correlations · WTI correlations
