SPY vs WTS: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Watts Water Technologies, Inc. (WTS) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WTS?
On 3 years of weekly data the SPY/WTS correlation comes out at 0.52, moderate. The past 12 months show a weaker link (0.37) than the 3-year average (0.52). The 5-year figure is 0.58, and annualized covariance runs at 186.2 %².
Within SPY's tracked universe of 4755 assets, WTS comes in at #405 by 3-year correlation. Over the last 12 months WTS came out ahead by 11.3 percentage points (+20.6% against +31.9%). Note the risk asymmetry: WTS runs 1.7 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 WTS: side by side
| SPY (SPDR S&P 500 ETF Trust) | WTS (Watts Water Technologies, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +31.9% |
| 5-year return | +82.4% | +125.4% |
| Volatility (ann.) | 14.5% | 24.6% |
| Beta vs S&P 500 | 1.00 | 0.89 |
| Max drawdown (3Y) | -18.8% | -19.5% |
| Market cap | – | $12.4B |
| P/E (trailing) | – | 32.5 |
| Dividend yield | 1.01% | 0.58% |
| 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 | WTS |
|---|---|---|
| 2022 | -18.2% | -24.1% |
| 2023 | +26.2% | +43.6% |
| 2024 | +24.9% | -1.6% |
| 2025 | +17.7% | +36.8% |
| 2026 | +13.7% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WTS good diversifiers for each other?
Only partially. A correlation of 0.52 means SPY and WTS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and WTS?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.37 over the last year and 0.58 over 5 years.
Is WTS a good diversifier for SPY?
Only partially. A correlation of 0.52 means SPY and WTS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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.
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Related comparisons
Hubs: SPY correlations · WTS correlations
