SPY vs WU: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Western Union Company (The) (WU) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WU?
Across a 3-year window, the weekly returns of SPY and WU correlate at 0.22, weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 100.6 %².
Within SPY's tracked universe of 4755 assets, WU comes in at #3092 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.4 points (+20.6% versus -5.8%). One caveat on sizing: WU 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 WU: side by side
| SPY (SPDR S&P 500 ETF Trust) | WU (Western Union Company (The)) | |
|---|---|---|
| 1-year return | +20.6% | -5.8% |
| 5-year return | +82.4% | -49.2% |
| Volatility (ann.) | 14.5% | 31.1% |
| Beta vs S&P 500 | 1.00 | 0.48 |
| Max drawdown (3Y) | -18.8% | -43.2% |
| Market cap | – | $2.2B |
| P/E (trailing) | – | 5.9 |
| Dividend yield | 1.01% | 12.95% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WU |
|---|---|---|
| 2022 | -18.2% | -17.9% |
| 2023 | +26.2% | -6.2% |
| 2024 | +24.9% | -3.8% |
| 2025 | +17.7% | -2.6% |
| 2026 | +13.7% | -18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WU good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WU?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.23 over the last year and 0.34 over 5 years.
Is WU a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 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 · WU correlations
