SPY vs WTTR: Correlation
SPDR S&P 500 ETF Trust (SPY) and Select Water Solutions, Inc. (WTTR) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WTTR?
Across a 3-year window, the weekly returns of SPY and WTTR correlate at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.01) runs below the 3-year figure (0.30). Stretching to 5 years gives 0.30, with an annualized covariance of 189.9 %².
Among the 4755 assets we track against SPY, WTTR ranks #2259 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WTTR ahead by 119.8 points (+20.6% versus +140.4%). One caveat on sizing: WTTR is 3.0 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 WTTR: side by side
| SPY (SPDR S&P 500 ETF Trust) | WTTR (Select Water Solutions, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +140.4% |
| 5-year return | +82.4% | +303.0% |
| Volatility (ann.) | 14.5% | 44.1% |
| Beta vs S&P 500 | 1.00 | 0.91 |
| Max drawdown (3Y) | -18.8% | -50.7% |
| Market cap | – | $2.8B |
| P/E (trailing) | – | 69.8 |
| Dividend yield | 1.01% | 1.46% |
| 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 | WTTR |
|---|---|---|
| 2022 | -18.2% | +49.2% |
| 2023 | +26.2% | -15.6% |
| 2024 | +24.9% | +79.2% |
| 2025 | +17.7% | -18.3% |
| 2026 | +13.7% | +88.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WTTR good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WTTR?
As of 2026-08-27, the correlation of weekly returns between SPY and WTTR is 0.30 over 3 years, 0.01 over 1 year and 0.30 over 5 years.
Is WTTR a good diversifier for SPY?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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.
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Related comparisons
Hubs: SPY correlations · WTTR correlations
