SPY vs WULF: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TeraWulf Inc. (WULF) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WULF?
On 3 years of weekly data the SPY/WULF correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.36 over 1 year against 0.38 over 3. The 5-year figure is 0.31, and annualized covariance runs at 575.7 %².
Within SPY's tracked universe of 4755 assets, WULF comes in at #1406 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WULF ahead by 60.0 points (+20.6% versus +80.6%). Risk is not evenly split, since WULF carries 7.3 times the volatility of the other side.
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 WULF: side by side
| SPY (SPDR S&P 500 ETF Trust) | WULF (TeraWulf Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +80.6% |
| 5-year return | +82.4% | -32.7% |
| Volatility (ann.) | 14.5% | 105.8% |
| Beta vs S&P 500 | 1.00 | 2.76 |
| Max drawdown (3Y) | -18.8% | -74.6% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| 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 | WULF |
|---|---|---|
| 2022 | -18.2% | -95.5% |
| 2023 | +26.2% | +258.2% |
| 2024 | +24.9% | +135.8% |
| 2025 | +17.7% | +103.0% |
| 2026 | +13.7% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WULF good diversifiers for each other?
Reasonably. At 0.38, SPY and WULF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WULF?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.36 over the last year and 0.31 over 5 years.
Is WULF a good diversifier for SPY?
Reasonably. At 0.38, SPY and WULF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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 · WULF correlations
