SPY vs WVE: Correlation
SPDR S&P 500 ETF Trust (SPY) and Wave Life Sciences, Inc. (WVE) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WVE?
Over the past 3 years, SPY and WVE moved with a correlation of 0.23, which is weak. Recent behaviour matches the longer record: 0.15 over 1 year against 0.23 over 3. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 384.3 %².
By 3-year correlation, WVE places #2996 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 69.4 percentage points, +20.6% for SPY against -48.8% for WVE. Risk is not evenly split, since WVE carries 7.8 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 WVE: side by side
| SPY (SPDR S&P 500 ETF Trust) | WVE (Wave Life Sciences, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -48.8% |
| 5-year return | +82.4% | -15.0% |
| Volatility (ann.) | 14.5% | 113.5% |
| Beta vs S&P 500 | 1.00 | 1.84 |
| Max drawdown (3Y) | -18.8% | -76.3% |
| Market cap | – | $1.0B |
| 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 |
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 | WVE |
|---|---|---|
| 2022 | -18.2% | +122.9% |
| 2023 | +26.2% | -27.9% |
| 2024 | +24.9% | +145.0% |
| 2025 | +17.7% | +37.4% |
| 2026 | +13.7% | -69.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WVE good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and WVE?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.15 over the last year and 0.21 over 5 years.
Is WVE a good diversifier for SPY?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WVE correlations
