SPY vs WWD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Woodward, Inc. (WWD) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WWD?
Over the past 3 years, SPY and WWD moved with a correlation of 0.47, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.47). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 228.2 %².
By 3-year correlation, WWD places #609 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with WWD ahead by 18.6 points (+20.6% versus +39.2%). One caveat on sizing: WWD is 2.3 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 WWD: side by side
| SPY (SPDR S&P 500 ETF Trust) | WWD (Woodward, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +39.2% |
| 5-year return | +82.4% | +191.7% |
| Volatility (ann.) | 14.5% | 33.5% |
| Beta vs S&P 500 | 1.00 | 1.09 |
| Max drawdown (3Y) | -18.8% | -23.6% |
| Market cap | – | $20.4B |
| P/E (trailing) | – | 38.5 |
| Dividend yield | 1.01% | 0.28% |
| 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 | WWD |
|---|---|---|
| 2022 | -18.2% | -11.1% |
| 2023 | +26.2% | +42.0% |
| 2024 | +24.9% | +23.0% |
| 2025 | +17.7% | +82.6% |
| 2026 | +13.7% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WWD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and WWD?
The SPY/WWD correlation stands at 0.47 on a 3-year window (1 year: 0.26, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is WWD a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 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-wwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WWD correlations
